Execs at TheStreet.com allegedly committed accounting fraud
and misstated operating income to investors, according to a complaint from the
SEC.
Gregg Alwine, David Barnett and Eric Ashman have agreed to
pay fines and accepted securities industry bans to settle the claims.
Throughout 2008, TheStreet reported revenue from fraudulent
transactions at a subsidiary it had acquired the previous year, the agency
says. In particular, the SEC alleges, the pair
Entered into sham transactions with friendly counterparties that had little
or no economic substance. Fabricated and
backdated contracts and other documents to facilitate the fraudulent
accounting...
Read all about it at http://www.businessinsider.com/sec-complaint-against-streetcom-2012-12
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