RE:RE:RE:RE:RE:RE:ASC DISAGREES WITH SEC INVESTIGATIONScottie99 wrote: Not sure if French is going to be liable for what was done by the company. I think their best option is to appraoch the Feds like Shell did in 2004 when they along with some executives were charged with accounting fraud, to settle the matter without a prolonged trial. The company pays whatever fines they agree with SEC and the matter is closed for OBE, though through the court. French would have to work with the company's lawyer to reach the settlement and that is his involvement as far as the issue is concerned.
It is a different ballgame for the former executives and OBE won't be involved with how they settle with the SEC. They should take a cue from Phillip Watts, the Chairman of Shell Group of Companies that was charged by the SEC along with a couple of senior executive VPs. I believe they also settled out of court, so they avoided a lengthy trial in court and at that time, they were also no longer in Shell. I see that playing out here and hope the guys involved would stop their lawyers from making public statements that the charge is without merits. If they are hoping for a lengthy trial, it is going to cost them big time and I can bet the Feds have the goods on each of the them.
I read some of the evidence presented by the SEC in the Shell case against Phillip Watts, there were lots of e-mail exchanges that Mr. Watts knew about the accounting fraud but were stalling to self-report to the Regulators until one of the exceutive VPs couldn't take it any longer because of SOX. If that is not a case of intention to commit fraud, I wonder what is. I am sure the affected former executives of OBE would be surprised when they are presented with all the evidence the Feds have on them for filing the charges. They are that thorough and they don't mess around!
whoLuLu wrote: I'LL BET FRENCH WISHES HE NEVER CAME ON BOARD
You are "not sure" if French is liable? What would he be guilty of? He was working for Bankers at the time in question. Lol.
What a bunch of bull c rap.
Nice spin though.
Unreal.