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None of this makes the SEC happy. The agency has launched a drive to clean up what it calls creative accounting--offenses like excessive restructuring charges, inflated one-time "acquisition charges," and most important, manipulation of revenues to produce a predictable stream of profits or mask a bad quarter. "Think about a bottle of fine wine," says SEC chairman Arthur Levitt. "You wouldn't pop the cork on that bottle before it was ready. But some companies are doing this--recognizing revenues before a sale is complete, before the product is delivered, or at a time when the customer still...
...Commission revealed Tuesday that they've charged Freeman and his cohorts with conspiracy and insider trading in the pan-national ring formed two and a half years ago in an AOL chat room. The case highlights the double-edged sword of policing an increasingly diffuse industry. On the downside, SEC investigators say their task has become more complicated as conspirators are increasingly removed from the trading floor and can profit through investors they've never met. At the same time, the feds say the Web is making it easier to track insider traders because, as Freeman is alleged to have...
...first case in which the SEC has arrested investors for conspiring online, Freeman is said to have used his position as a temp at two Manhattan brokerages to glean information on mergers and acquisitions, information he then passed on to other investors in return for 10 percent of the profits. Not that he got the full kickback - an estimated $70,000 to $110,000 is said to have flowed into his mailbox via cash stuffed in unsigned birthday cards. "The SEC has been very interested in the area of fraud over the Internet, and this case is just an extension...
...SEC offers tips for investors at www.sec.gov/consumer/offertip.htm Also ask three important questions...
...stock legitimate? To find out. check the SEC's EDGAR database and with your state securities regulator www.nasaa.org...