Donald Paul Jones, an Escondido accountant, has been put on probation for three years and suspended from practice for 45 days. The California Board of Accountancy announced the decision December 28 of last year.
Jones had been nabbed by the Securities and Exchange Commission last year. He was working in Alhambra in 2012, where the offense took place. A longtime close associate, also a CPA, told him of a pending merger, inquiring about some accounting practices related to the merger. According to the commission, Jones bought stock twice in the company being acquired, netting $27,675 illegally. He tipped off a friend who made $11,407 on illicit information.
Jomes got a cease-and-desist order from the securities commission, can no longer practice before it, and was ordered to pay $82,694 to the commission in profit disgorgement and a penalty. The other accountant did not make any illicit trades and was not charged.