Ostrich Farming, Anyone?

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Ostrich meat, although poultry is red, not white like most other birds. This red meat, which looks and tastes much like beef, is lower in fat, calories and cholesterol than not only beef, but also white meats like chicken and turkey. Ostriches belong to a family of birds called ratites, which includes emus and rheas… Read more »

Maybe he should have taken an accounting course?

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Former Director Tom Wheeler is on trial, charged with several counts of fraud, misconduct in office and conspiracy. Wheeler has pleaded not guilty to the charges.  His defense focuses on his lack of experience, being a bad student in college, and not taking an accounting or law class. Questions: 1.  Why was Mr. Wheeler charged… Read more »

Does Embezzlement Pay?

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Bradley Whitsell, chief accountant of SDN Communications in Sioux Falls, SD, pleaded guilty to mail fraud on Monday, August 22.  According to the U.S. Attorney’s office 46-year-old Whitsell used his various oversight positions to embezzle more than $392,000 over a 10 year period beginning in 2000. Whitsell could end up in prison for up to… Read more »

The Greedy Boyfriend

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This week an action was filed by the SEC against Toby Scammell.  The filing centers on the acquisition of Marvel Entertainment, Inc. by the Walt Disney Company, which was announced on August 31, 2009. Prior to the acquisition, Mr. Scammell lived with his girlfriend in Los Angeles. During that period she was an extern at… Read more »

Family Week for SEC Actions (sort of)

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Clayton Peterson, a member of the board of directors and chairman of the audit committee of Mariner Energy, Inc., and his son Drew Peterson, who worked as an investment adviser in Denver, Colorado, pleaded guilty to criminal insider trading charges and were named as defendants in an SEC suit. Clayton Peterson learned at board meetings… Read more »

International Auditing Inspections

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PCAOB Chairman James R. Doty sees the audit profession as being at a turning point, not just in the U.S., but globally. One of Doty’s greatest priorities is gaining access to China to conduct inspections of PCAOB-registered firms. He said that meaningful progress was made at the May 9 U.S.-China Strategic and Economic Dialogue that… Read more »

Made in America

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More than 60 billion sets of chopsticks are produced every year in China, so you’d have thought they would be making enough. But a chopstick shortage is growing in the Far East, prompting a U.S. company in Georgia to start exporting millions to the country. Georgia Chopsticks is producing an incredible two million sets of… Read more »

More evidence of the wealth divide

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Even with the economy in a funk and many Americans pulling back on spending, the rich are again buying designer clothing, luxury cars and about anything that catches their fancy. Luxury goods stores, which fared much worse than other retailers in the recession, are more than recovering — they are zooming. Many high-end businesses are… Read more »

Who’s Next?

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The struggling town of Central Falls Rhode Island filed a bankruptcy petition on Monday, August 1. A Boston bankruptcy judge held the first hearing on Wednesday August 3, stressing that the court is in “unchartered waters” as it sorts through the $80 million in unfunded pension and benefits liabilities and a $5 million budget deficit…. Read more »