SEC Files Lawsuit Against Diebold, Then Settles for $25m, Pursues Fraud by Three Diebold Executives


Company officers facing suit involved in apparent insider sell-off initially exposed by The BRAD BLOG
Woes continue for once-dominant e-voting vendor whose election systems assets were recently purchased by a Canadian firm with an ominous name...

Via Bloomberg...

Diebold Inc., the bank teller-machine maker, was accused of inflating earnings through fraudulent accounting practices from at least 2002 to 2007, according to a lawsuit filed by the U.S. Securities and Exchange Commission.

Diebold “regularly manipulated earnings to meet forecasts,” the SEC said in the complaint filed today in federal court in Washington. The agency is seeking an unspecified civil penalty in the case.
...
The case is U.S. Securities and Exchange Commission v. Diebold Inc., 10cv908, U.S. District Court, District of Columbia (Washington).

But wait! There's more...

From Forbes today. That was quick (and relatively painless for Diebold, if not some of their executives)...

The Securities and Exchange Commission is pursuing fraud charges against three former executives of ATM maker Diebold Inc. after reaching a $25 million settlement with the company on Wednesday.

The SEC filed civil charges against former Diebold ( DBD - news - people ) executives Gregory Geswein, Kevin Krakora and Sandra Miller, alleging they manipulated the company's accounting to meet earnings forecasts from 2002 through 2007.
...
Diebold's former chief executive, Walden O'Dell, agreed to pay back about $470,000 in cash, plus stock and options. He was not charged with fraud but the government was allowed to recapture his compensation under the so-called "clawback" provision of the 2002 Sarbanes-Oxley anti-fraud law.

"We are pleased that the settlement with the SEC is final," Thomas Swidarski, Diebold's CEO, said in a statement.

Deep into work on another story, so no time to offer full background on the above. But you'll find plenty of it in our March 2009 coverage when Krakora, Diebold's Chief Financial Off... as the SEC investigation heated up. That reports offers links and details on various DoJ and SEC investigations of Diebold, as well as to our own 2007 investigative exclusive on what appears to have been insider trading at Diebold. Hoping the SEC has looked into that report as well, since Krakora was the largest inside trader in the August 2007 deal we exposed, taking place just two days before the announcement of the spin-off of Diebold's election division, and a huge stock-price plummet accompanying it, from which it's never recovered.

For the record, late last year, Diebold's failed election division (renamed Premier in 2007 after years of embarrassment over their voting systems) was purchased for a pittance by ES&S, which was subsequently forced by the DoJ to sell off the assets due to anti-trust concerns. Two weeks ago, ES&S finally found a buyer they approved of (yes, the DoJ gave them that right, for some reason, in their settlement). The new owner of whatever is left of Diebold Voting System's assets is now a Canadian-based firm with an insanely totalitarian name: Dominion Voting [PDF].

While there was much (appropriate) outrage and concern, particularly from the Right, over the foreign-ownership of the nation's third largest e-voting company, Sequoia --- whose parent company, the Venezuelan-based, Chavez-tied Smartmatic was forced Committee on Foreign Investment in the United States (CFIUS) into what appears to have been a sham sell-off) --- we've yet to hear a whimper of concern about the control of the U.S.' second largest voting machine company having its roots in Canada.

At the time of the sale, Dominion CEO John Poulos ominously stated: "We are extremely pleased to conclude this transaction, which...will allow Dominion to expand its capabilities and operational footprint to every corner of the United States."

[Hat-tip Joyce McCloy of Voting News]

http://www.bradblog.com/?p=7871

Views: 62

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

"Destroying the New World Order"

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

TOP CONTENT THIS WEEK

Latest Activity

stormtruther posted blog posts
25 minutes ago
Mr. Sizzle favorited Less Prone's photo
1 hour ago
stormtruther commented on stormtruther's video
1 hour ago
stormtruther posted a video

Bolsonaro frustrated with inability to change "security people" in expletive-laced video release...

Subscribe to our channel! rupt.ly/subscribe Mandatory credit: STF Brazil's President Jair Bolsonaro appeared to defend his actions in sacking a police chief ...
1 hour ago
stormtruther posted a status
2 hours ago
Bud Parker posted a photo
3 hours ago
James Roberts commented on steve's photo
Thumbnail

2020 gender

"That's not fair, comparing two different species in your example."
3 hours ago
James Roberts favorited steve's photo
3 hours ago
James Roberts commented on steve's photo
Thumbnail

2020 mark of cain

"This is why my Christianity is British Israelism. British Israelism (also called Anglo-Israelism)…"
3 hours ago
James Roberts favorited steve's photo
3 hours ago
James Roberts favorited Doc Vega's blog post Enslavement through Neurological Implantation
3 hours ago
James Roberts commented on Chris of the family Masters's blog post Are you still pro-vaccine?
"That and the flavor of Pepsi cola includes fetal cells. There's nothing that some people…"
3 hours ago
James Roberts favorited Chris of the family Masters's blog post Are you still pro-vaccine?
3 hours ago
James Roberts commented on steve's blog post Nasty white hating beast is punked by sleepy sniffy joe
"His staff must have been overjoyed that he didn't refer to her as "my nigga", lol."
4 hours ago
James Roberts favorited steve's blog post Nasty white hating beast is punked by sleepy sniffy joe
4 hours ago
James Roberts commented on Amaterasu Solar's photo
Thumbnail

12160 Banner

"Awesome!"
4 hours ago
James Roberts favorited Amaterasu Solar's photo
4 hours ago
Amaterasu Solar commented on Amaterasu Solar's photo
Thumbnail

12160 Banner

"Well how awesome!  It's up on the site!  Yay!"
6 hours ago
steve posted a blog post

Why do humans seem to have an INSATIABLE need to BUTCHER and STEAL from their fellow man

Why do humans refuse to enjoy all the WONDERS OF OUR WORLD,I just don't fkn get it.SteveHope you…See More
9 hours ago
Chris of the family Masters commented on James Roberts's video
Thumbnail

Ultraviolet (2006)

"Another prophetic movie....."
9 hours ago

© 2020   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted