Thursday, January 13, 2005

In the News

While everyone is focusing on sentencing, the news is heavy with other happenings that are  important to the white collar area.  Here are some of the highlights:

1. The Wall Street Journal reports in an article titled, "SunTrust Discloses Formal SEC Probe Of Restatement," that "Sun Trust Banks Inc. said the Securities and Exchange Commission is formally investigating the restatement of the company's financial results for the second and third quarters of 2004, and has issued subpoenas seeking documents related to the bank's allowances for loan losses and related matters."

2.  OfficeMax Inc. also appears to be having issues.  The Wall St. Jrl. reports in an article titled, "OfficeMax CFO Quits; Results Delayed" that "OfficeMax Inc. said its chief financial officer quit, four employees were fired and that it would postpone release of its fourth-quarter results amid a widening internal probe into accounting irregularities at the superstore giant."

3.  The New York Times has a Boomberg News clip reporting that "A unit of the Zeon Corporation agreed to pay a fine of $10.5 million and plead guilty to charges of fixing [rices of synthetic rubber that is used to make auto parts, hoses, belts and adhesives, the Justice Department said yesterday."

4. The New York Times also reports in an article titled, "Man in 9 - 11 Fraud Case Pleads Guilty" that "[a] man who collected $68,000 from a charity by falsely claiming his boyfriend died in the World Trade Center attacks has pleaded guilty to grand theft."

(esp)

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