Broker Newswire
  • Home
  • Latest News
  • Investing
    • Acquisitions
    • Broker Related
    • Online Trading
    • Cryptocurrencies
    • Stocks
  • Markets
    • Earnings
    • OTC Markets
    • Penny Stocks
  • Personal Finance
    • Saving money
    • Retirement
  • Economy
  • Tech
    • Enterprise
    • Internet
SUBSCRIBE
No Result
View All Result
  • Home
  • Latest News
  • Investing
    • Acquisitions
    • Broker Related
    • Online Trading
    • Cryptocurrencies
    • Stocks
  • Markets
    • Earnings
    • OTC Markets
    • Penny Stocks
  • Personal Finance
    • Saving money
    • Retirement
  • Economy
  • Tech
    • Enterprise
    • Internet
No Result
View All Result
Broker Newswire
No Result
View All Result
Home Latest News General

Former Panasonic Executives Charged With Violating Books And Records Provisions

by Jay Helton
December 22, 2018
1 min read
0
sec logo
Share on FacebookShare on Twitter

This week, it was announced that the Securities and Exchange Commission had charged two former executives of the United States subsidiary of Panasonic Corp. with violating the books and records and internal account control provisions of the federal securities laws. They were also charged with causing similar violations by the parent company. The SEC’s order against Paul A. Margis claims that the then-CEO and president of Panasonic Avionics Corp. used a 3rd party to pay more than $1.76 million to several consultants to help the company obtain and retain business from a state-owned airline.

Panasonic Avionics was accused of falsely recording these payments. Margis circumvented company procedures for engaging the consultants. Margis made materially false or misleading statements to the company’s auditor regarding its internal accounting controls and the accuracy of its books and records. The SEC’s order against Takeshi “Tyrone” Uonaga claims that Uonaga caused Panasonic to improperly record $82 million in revenue based on a backdated contract. At the time, Uonaga served as the Panasonic Avionics’ CFO. He was also accused of making false representations to Panasonic Avionics’ auditor.

The SEC has ordered Margis to pay a penalty of $75,000. Uonaga has been ordered to pay a penalty of $50,000. Further details have been made available here.

RELATED STORIES

Volkswagen must pay damages

Volkswagen must pay damages to buyers of manipulated diesel cars

May 25, 2020
Future Cloud Banking and Fintech

Future Cloud Predictions for Banking and Fintech Sector

April 23, 2020
Tags: avionicspanasonicpanasonic avionicsSEC
Create your Web Presence with Namecheap

Recent Posts

  • Bitcoin and crypto spending is allowed by PayPal Now
  • The event in the live stream: Apple releases 5G-capable iPhone – Business
  • Volkswagen thriller: An unpopular supplier, audio recordings and a dead man
  • Tencent and WeChat also affected: Why Trump’s TikTok ban could harm Silicon Valley
  • Hacker attack on Twitter: “Group of young people” is supposed to be behind the attack on the social media platform

Category

  • Acquisitions
  • Broker Related
  • Earnings Reports
  • Economy
  • Enterprise
  • General
  • Internet
  • Investing
  • IPO News
  • Latest News
  • Layoffs
  • Markets
  • Online Trading
  • Opinion
  • OTC Markets
  • Penny Stocks
  • Personal Finance
  • Retirement
  • Saving money
  • Stocks
  • Technology

About Us

Broker Newswire (BN) is an exciting new online publication, which targets finances, brokers, mortgage and markets. BN, which is the nation’s leading provider of real estate, finance and market news and analysis.

  • About
  • Advertise
  • Privacy & Policy
  • Feedback

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Home
  • Latest News
  • Investing
    • Acquisitions
    • Broker Related
    • Cryptocurrencies
    • Online Trading
    • Stocks
  • Markets
    • Earnings Reports
    • OTC Markets
    • Penny Stocks
  • Personal Finance
    • Retirement
    • Saving money
  • Economy
  • Tech
    • Enterprise
    • Internet
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.