Language:

11th Cir. Again Vacates Sentence Of Ex-HealthSouth Official as Too Light

Accounting Policy & Practice Report, 2009-11, Vol.5 (24), p.1093

Full text available

Citations Cited by

Title:
11th Cir. Again Vacates Sentence Of Ex-HealthSouth Official as Too Light
Subjects: Annual reports ; Criminal sentences ; Earnings management ; Earnings per share ; Federal court decisions ; Fraud
Is Part Of: Accounting Policy & Practice Report, 2009-11, Vol.5 (24), p.1093
Description: In U.S. v. Livesay, the U.S. Court of Appeals for the Eleventh Circuit ruled that former assistant controller for HealthSouth Corp., Kenneth Livesay, who pleaded guilty to charges of participating in a massive $1.4 billion accounting fraud scheme, must be sent to prison. When senior company officials gave instructions regarding target earnings per share, Livesay and other individuals on the company's accounting staff would create ways of artificially inflating earnings to meet the targets. Beyond the false and fraudulently manipulated earnings, Livesay also participated in the preparation of quarterly and annual reports filed with the SEC that he knew contained material misstatements. In addition to concluding Livesay's sentence once again must be vacated and the case remanded for resentencing, the court held that any sentence of probation would be unreasonable given the magnitude and seriousness of Livesay's criminal conduct.
Publisher: Washington: Bloomberg BNA
Language: English
Identifier: ISSN: 1558-6642
EISSN: 1558-6669
Source: ProQuest Central

Back to results list


INSPIRE LIBRARY - TON DUC THANG UNIVERSITY	(84-028) 37 755 057	Feedback
19 Nguyen Huu Tho St. Dist.7, HCM	thuvien@tdtu.edu.vn	Feedback

Searching Remote Databases, Please Wait