Reuters logo
SEC charges AgFeed audit committee chair in broader accounting fraud case
March 11, 2014 / 6:05 PM / in 4 years

SEC charges AgFeed audit committee chair in broader accounting fraud case

WASHINGTON, March 11 (Reuters) - U.S. securities regulators on Tuesday filed civil charges against a corporate audit committee chairman for his role in covering up what they say was a massive accounting fraud at a now-bankrupt animal feed company, in a rare charge against an audit director.

The Securities and Exchange Commission’s charges against AgFeed Industries Inc’s U.S.-based audit committee chairman K. Ivan Gothner are part of a broader lawsuit filed in a federal Tennessee court against the company, four of its top executives based in China including its chief executive officer and several other U.S.-based company officials.

The SEC alleges in its lawsuit that the company, which operated in both the U.S. and China, inflated its revenue from 2008 to mid-2011, in part by using fake invoices for feed and hog sales.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below