According to Accounting Today, the U.S. Securities and Exchange Commission (SEC) said it has settled charges against Cheesecake Factory Inc. over “materially false and misleading” statements after the restaurant chain failed to disclose the financial impact of the coronavirus pandemic earlier this year. Questions: What was the penalty? According to SEC’s order, how much was… Read more »
Posts Tagged: charges
Deceptive Practices
Progressive Leasing, which offers rent-to-own programs at major retailers like Best Buy and Lowe’s, has agreed to pay $175 million to settle allegations it misled consumers, the Federal Trade Commission said Monday. Questions: What trade violations did the complaint allege? Why did FTC Commissioner Rebecca Kelly Slaughter say that the settlement did not go far… Read more »
Ghosn Update
According to the New York Times, Carlos Ghosn, former automobile CEO who proclaims his innocence, was aided in his escape from Japan by an American security consultant on a Turkish chartered jet. Questions: Who was the American security consultant? How did MNG Jet, the charter company, allow Ghosn on the plane? After Ghosn got to… Read more »
Stay Tuned: Carlos Ghosn – On the Lamb?
At the time of this writing, Carlos Ghosn has unexpectedly left Japan. Questions: What charges is Carlos Ghosn facing? In exchange for Mr. Ghosn’s release from prison on bail, earlier this year, what were the terms? In which country are anonymous sources reporting that Mr. Ghosn is staying? Source: Flitter, E. (2019). Carlos Ghosn, Fallen… Read more »
A Tale of the Fake Heiress
A penniless young woman, who left Russia in 2014 and faked her way to Manhattan as an “heiress,” is now facing up to 15 years in prison. How did Ms. Sorokin bilk a bank out of $100,000? What charges does Ms. Sorokin face? Why did Ms. Sorokin’s lawyer, Todd Spodek, argue that she had not… Read more »