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KPMG to Pay $10M to Settle SEC Charges Oct. 21, 2004 (Associated Press) Accounting giant KMPG LLP will pay $10 million to settle Securities and Exchange Commission charges of improper conduct in the firm's audit of the financial statements of Gemstar-TV Guide International Inc. The SEC said it is the largest payment ever made to the agency by an accounting firm. Bryan E. Palbaum, a former KPMG partner, was barred from working for publicly traded companies for three years, the SEC said. John M. Wong, another former partner, and Kenneth B. Janeski, a partner in KPMG's Los Angeles office, were barred from working for publicly traded companies for one year. David A. Hori, a manager in the Phoenix office, was barred from working for publicly traded companies for 18 months. In June, Gemstar-TV Guide agreed to pay $10 million to settle the SEC's accusations that the company overstated revenue by $250 million from 1999 through 2002. The Los Angeles publishing and technology company allegedly improperly reported revenue from its highly touted interactive program guide, which enables TV watchers to navigate through and select programs. During the relevant period, Gemstar licensed the technology to other companies and sold advertising space on the guide. |
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