What's it gonna take for the SEC to actually ARREST SOMEBODY?!?

[KeepItReal]

On Friday, the SEC alleged that eight former CSC (Computer Sciences Corporation) executives engaged in "accounting and disclosure fraud" in multiple ways, including with a contract from the company's largest customer, the UK’s National Health Service (NHS).

Meanwhile, CSC also agreed to pay a $190 million penalty to settle the charges. This is on top of the $97.5 million CSC agreed to pay to settle a class-action lawsuit in 2013 that arose from the accusations.

Most significantly, former CEO Michael Laphen agreed to return to CSC more than $3.7 million in his compensation under the clawback provision of the Sarbanes-Oxley Act. He also paid a $750,000 penalty.

CSC was allegedly going to lose money on the NHS contract because it was "unable to meet certain deadlines." Instead of disclosing that to investors and taking "a large hit to its earnings," one of the accused executives "added items" to CSC's "accounting models that artificially increased its profits but had no basis in reality," the SEC alleges.

http://www.businessinsider.com/former-csc-ceo-to-repay-4-million-2015-6#ixzz3cEIHa8hi


School teachers get 7 YEARS in the slammer for allegedly fixing a standardized test, but these CSC dudes lied, cheated, and defrauded investors, so the SEC hits the company with fines and (shiver me timbers!) a CEO has to actually give back 1/4th of his compensation made in a year.

What better example of why Sen. Elizabeth Warren publicly dissed the leadership of the SEC. She needs to keep on doing it.

[Scootaloo]

1. Being affiliated with FIFA, apparently

[KeepItReal]

3. FIFA happened by accident... FBI was only looking at the Russian mob and found a link

Sad day for FIFA.

[JonLP24]

13. There goes the Clinton Foundation then

FIFA is one of their donors. Qatar did too but so did all the usual Saudi allies (don't think Jordan or Pakistan did or anyone really controversial like Sudan but Morocco did).

[QC]

2. You can't arrest your boss. n/t

[L0oniX]

8. ^^^this^^^

[truedelphi]

4. A few years back someone at DOJ explained the non-arrests.

The Official carefully, patiently told the American public that the white collar criminal is of a social class that would not do well in prison.

End of story.

[KeepItReal]

5. And this didn't happen immediately after?

[truedelphi]

6. Go online and read Mr Matt Taibi's wonderful

and revealing articles on the economy the big banks and the Obama appointments.

But only do so if you want the truth, and the truth is not a very pretty one.

[L0oniX]

7. You'd have to join ISIS and raid the SEC building to get them to arrest anyone with a lot of money.

[Snotcicles]

9. I think she'll stick with it. Her and Bernie Sanders seem to be cut from the same cloth. nt

[jmowreader]

10. Maybe we could change their voter registration to Democratic?

Seemed to work for Martha Stewart, anyway.

[libdem4life]

11. Just start a rumor that they secretly reffed a soccer game sometime back in the day. That gets our

official top attorney's attention. Just piggy back it on that investigation. Or, more correctly that the laundered soccer money went through banks ... our banks seems... for years.

[malthaussen]

12. Pretty sure the SEC doesn't have arrest authority.

They can bring civil suits, though.

On a different note, I used to work at CSC. They were screwing up the Orion at the time. I see they are still doing it.

-- Mal