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: 82

Comment

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

Join 12160 Social Network

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

Doc Vega posted a blog post

The Left's Halloween Fantasy

Tonight we bring a nightmare only the left would find frightening, so sit back allow the fear to…See More
1 hour ago
Doc Vega posted a blog post

The Orbital Horror-Halloween Story Number 5

Captain, Douglas Mitchell, of NASA’s space exploration unit had been invited to a hush hush meeting…See More
Friday
Snakedaddy favorited Less Prone's profile
Wednesday
Tori Kovach left a comment for Less Prone
"Hello Less Prone, I am an infrequent visitor just to let you know. It is nice to know there are…"
Wednesday
Tori Kovach and Less Prone are now friends
Wednesday
Doc Vega's 5 blog posts were featured
Wednesday
tjdavis's blog post was featured
Wednesday
Less Prone favorited tjdavis's video
Wednesday
Less Prone favorited cheeki kea's photo
Wednesday
Less Prone favorited tjdavis's photo
Wednesday
Less Prone posted a blog post

🚨 **SCAM ALERT: Fake "Abiola Bawuah" Emails Circulating** 🚨

Be warned about an active impersonation scam using the name **"Abiola Bawuah"**—a real Ghanaian…See More
Wednesday
Less Prone favorited Snakedaddy's profile
Wednesday
Less Prone commented on Less Prone's video
Thumbnail

🔴 LIVE in English: COVID Shots Dutch Court Hearing vs Bill Gates, Pfizer et al. — Oct 22

"Yes Doc, it was. And the politicians keep quiet about the whole thing. It's a crime. We live…"
Wednesday
Doc Vega commented on Less Prone's video
Thumbnail

🔴 LIVE in English: COVID Shots Dutch Court Hearing vs Bill Gates, Pfizer et al. — Oct 22

"The whole thing was a global set-up, weaponizing the medical industry to socially engineer the…"
Tuesday
Doc Vega favorited Less Prone's video
Tuesday
Doc Vega posted blog posts
Tuesday
Less Prone posted a video

🔴 LIVE in English: COVID Shots Dutch Court Hearing vs Bill Gates, Pfizer et al. — Oct 22

Technical difficulties in the intro resolved! Thanks for hanging in there everyone!🗣 BE PART OF THE PUBLIC RECORD. The court won't publish a recording of t...
Tuesday
Doc Vega favorited tjdavis's video
Tuesday
Doc Vega commented on tjdavis's video
Thumbnail

COLOSSUS: THE FORBIN PROJECT Official Trailer (1970, Eric Braeden, Susan Clark, Joseph Sargent)

"I'm afraid that this is exactly what AI will become! I wacthed this movie a long time agao and…"
Tuesday
Doc Vega commented on Doc Vega's blog post The Fantasy Clown World I Wake Up to Everyday
"cheeki kea, thanks for your support! "
Tuesday

© 2026   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