(HedgeCo.NET) The Securities and Exchange Commission today charged two former executives with masterminding a fraudulent scheme to steal millions of dollars through phony expense reimbursements, inflated invoices, and other improper accounting tactics.<\/p>\n
The SEC\u2019s complaint alleges that iPayment\u2019s then-senior vice president of sales and marketing Nasir N. Shakouri and then-executive vice president and chief operating officer Robert S. Torino routinely reimbursed themselves for payments that were never actually made to third-party vendors using their personal credit cards. They also allegedly conspired with vendors to inflate invoices and receive kickbacks from the overpayments, and claimed improper commissions and bonuses related to other corporate funds they improperly diverted in various ways.<\/p>\n
The SEC\u2019s complaint also charges three other iPayment executives \u2013 Bronson L. Quon, John S. Hong, and Jonathan K. Skarie \u2013 with participating in the scheme and helping Shakouri and Torino falsify books and records to hide the thefts of corporate funds. Quon, Hong, and Skarie were allegedly rewarded for their assistance with misappropriated iPayment funds.<\/p>\n
\u201cAs alleged in our complaint, these executives manipulated iPayment\u2019s internal accounting systems, lied to the external auditor, and caused approximately $11.6 million in losses to the company,\u201d said Sanjay Wadhwa, Senior Associate Director of the SEC\u2019s New York Regional Office. In a parallel action, the U.S. Attorney\u2019s Office for the Central District of California today announced criminal charges against Shakouri and Torino. The SEC is seeking disgorgement of ill-gotten gains plus interest and penalties as well as officer-and-director bars.<\/p>\n","protected":false},"excerpt":{"rendered":"
(HedgeCo.NET) The Securities and Exchange Commission today charged two former executives with masterminding a fraudulent scheme to steal millions of dollars through phony expense reimbursements, inflated invoices, and other improper accounting tactics. The SEC\u2019s complaint alleges that iPayment\u2019s then-senior vice […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,3,16048,16047],"tags":[],"class_list":["post-57004","post","type-post","status-publish","format-standard","hentry","category-hedgeco-networks-press-releases","category-hedgeco-news","category-hedgecovest-news","category-insider-trading-2"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/57004","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=57004"}],"version-history":[{"count":1,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/57004\/revisions"}],"predecessor-version":[{"id":57005,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/57004\/revisions\/57005"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=57004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=57004"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=57004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}