Blogs | Scam Diego
SEC Charges La Jolla Software Firm, Retail Pro, with Accounting Fraud
By Don Bauder | Posted September 4, 2008, 5:10 p.m.
The Securities and Exchange Commission today (Sept. 4) charged software firm Retail Pro, formerly Island Pacific, with an accounting fraud similar to the kinds that Peregrine pulled. The SEC charged that the company improperly recorded and reported $3.9 million in revenue from a sham sale to an Australian company. According to the SEC, the sale had no economic substance or business purpose other than the artificial inflation of Pacific's revenues. Also charged were Barry Schechter, former chief executive officer, and Ran Furman, former chief financial officer. Schechter dumped $488,410 of stock following the sham sale, says the SEC. The company and Schechter agreed to be enjoined from future securities violations.
schechter>>>enjoined from future violations
well i guess so;he belongs in JAIL>>>> HIS PROMISE TO STOP BEING A CROOK IS NOT QUITE ENOUGH.
By jerome 8:33 p.m., Sep 4, 2008 > Report it
Response to post #1: The names of both Schechter and Furman were familiar to me, but I posted the item without trying to check them out, and my memory doesn't work as well as it once did. I believe they both have an odor from a previous adventure. Best, Don Bauder
By dbauder 8:58 p.m., Sep 4, 2008 > Report it
There was an announcement about executive changes in June, where Schechter volunteered to step down.
http://www.retailpro.com/PressRelease.php?prid=31
Reading between the lines, it looks as if the SEC investigation was already underway at that point.
For more, try a google of "Barry Schechter PunchLine"...
By a2zresource 10:47 a.m., Sep 5, 2008 > Report it
Response to post #4: It turns out that Schechter is not the person I thought he was. Ditto Furman. The PunchLine information is helpful. Best, Don Bauder
By dbauder 11:45 a.m., Sep 5, 2008 > Report it