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June 8, 2016

Posted  August 1, 2016

New York-based electronics company IEC Electronics Corp. will pay $200,000 to settle charges that it overstated the company’s profits in financial statements by using false inventory accounting.  An SEC investigation found the false accounting to have been orchestrated by IEC’s then-executive vice president of operations Donald Doody and the controller of one of IEC’s subsidiaries, Ronald Years.  Doody and Years collectively will pay about $94,000 to settle the SEC’s charges.  In addition, Doody has been barred from serving as an officer or director of a public company for five years and Years is permanently suspended from appearing and practicing before the SEC as an accountant.  SEC

Tagged in: Accounting Fraud,