August 22, 2014
Posted January 26, 2016
The SEC charged California-based telecommunications equipment company AirTouch Communications and its former CEO and CFO with orchestrating a fraudulent revenue recognition scheme under which they improperly recognized as revenue more than a million dollars’ worth of inventory that was shipped to a Florida warehouse but not actually sold. They’re also accused of defrauding an investor from whom they secured a $2 million loan for the company based on misstatements and omissions associated with the inventory shipments. SEC
Tagged in: Accounting Fraud, Misrepresentations, Securities Fraud,