CEO, CFO charged with faking revenue, bond documents

The Securities and Exchange Commission alleges the former executives of FTE, a network infrastructure company, used phony paperwork to hide the financial health of the company while spending lavishly on themselves. 

By Robert Freedman • July 20, 2021

SPAC sponsor, merger target charged with misleading statements

Under a settlement for making inaccurate claims about the target company's technology, the sponsor must give up any founder shares it would have received from the merger, and private investment in public equity (PIPE) investors can terminate their subscription agreements before the merger. 

By Robert Freedman • July 14, 2021

Bank of America's Q2 profit soars, CFO sets in-person work deadline

A $2.2 billion loan-loss reserve release buoyed the nation's second-largest bank as it anticipates an economic rebound from the COVID-19 pandemic. 

By Anna Hrushka • July 14, 2021

Double set of books could prove Trump Organization's undoing

An internal spreadsheet the company kept treated expenses in one way while the expenses were treated another way in the general ledger.

By Robert Freedman • July 13, 2021

3 hit with Long Island Iced Tea insider trading

A company employee sent a friend a draft press release on the beverage company's upcoming pivot to blockchain technology.  

By Robert Freedman • July 12, 2021

Levi's CFO: 'I firmly believe we have pricing power'

On the heels of a strong second-quarter earnings report for the company, Harmit Singh discussed the merits of upping prices during times of economic success versus amid hardship.

By Jane Thier • July 12, 2021

Why CFOs should lead the way on sustainability

The way forward can feel messy, time-consuming and amorphous for CFOs, but this is an extraordinary time in history to tackle these challenges.

By Anthony Coletta • July 7, 2021

Trump CFO, company charged with scheme to hide compensation

Among the counts against Allen Weisselberg is grand larceny in the second degree, a felony with a maximum 15-year prison sentence.

By Robert Freedman and Jane Thier • July 1, 2021

FASB appears ready to require supplier financing disclosure

The trade payable arrangements, which help companies manage cash, typically aren’t publicly reported despite posing a liquidity risk.  

By Robert Freedman • July 1, 2021

Getting EBITDA and free cash flow right in credit deals

These non-standardized measures are important, but because they mean different things to different people, they should be used carefully in credit raises and other contexts. 

By Robert Freedman • June 30, 2021

Trump Organization expected to be indicted on tax treatment for perks

The company could face going-concern issues as a result of the action even if the case goes nowhere, analysts say.

By Robert Freedman • June 29, 2021

From green to gold: 5 ways CFOs can gain from climate risk disclosure

CFOs confronting growing pressure to disclose climate change risks can find in their analysis opportunities to improve capital allocation and risk management.

By Jim Tyson • June 29, 2021

Low-quality assurance of ESG reports pose stability risk: IFAC

Companies' attempts to back up their ESG reports with low-quality assurance has put financial stability at risk, a study by the International Federation of Accountants says.

By Jim Tyson • June 24, 2021

As investigation heats up, Trump CFO appears to remain loyal

Allen Weisselberg, Trump Organization's CFO of over 40 years, has been spotted entering and leaving Trump Tower numerous times in recent weeks, which the Washington Post suggests is a public signal of his loyalty to Trump.

By Jane Thier • June 22, 2021

Rev rec manager at hub of fraud ring, SEC says

The Securities and Exchange Commission used data analytics capabilities it launched last year to catch six people benefiting from insider information. 

By Robert Freedman • June 21, 2021

Whistleblower plan to catch corporate tax cheats gets bipartisan push

Republican and Democratic senators seek to narrow the $630 billion annual tax gap by putting teeth into the IRS whistleblower program.

By Jim Tyson • June 18, 2021

Match Group to expand market with new acquisition: CFO

Adding South Korea-based Hyperconnect’s social discovery feature increases Match's target market from singles to everybody, CFO-COO Gary Swidler said.

By Jane Thier • June 18, 2021

Citi CFO on expected trading plummet, digital investments

The stream of stimulus payments over the past year have led consumers to pay down their loans at high rates, Mark Mason said, which has hamstrung overall loan growth in the firm’s U.S. card unit.

By Jane Thier • June 16, 2021

Transition bonds find a footing as companies eye ESG growth

The instrument gives CFOs a tool for financing their company’s shift to operations reflective of environmental, social and governance goals.

By Ted Knutson • June 16, 2021

SEC role given to critic of weak corporate governance

SEC Chair Gary Gensler appointed Renee Jones to lead the corporation finance division and tackle high-stakes rulemaking for public disclosure and investor protection.

By Jim Tyson • June 15, 2021

What's behind the SEC's SPAC warrant concerns

In many of the deals, the warrants don't meet an exception in FASB's accounting standards for derivatives. As a result, they're misclassified as equity in the view of the Securities and Exchange Commission.  

By Matt Smith and Petar Tomov • June 14, 2021

CEO, CFO of electric truck maker Lordstown resign; misleading demand alleged

The company’s pre-order demand for its product is called questionable, and it needs more money to begin production by the fall.

By Robert Freedman • June 14, 2021

Corporate tax staff working beyond capacity: survey

Technology can help close the capacity gap but many tax departments lack the time, budget and skills to deploy it effectively, a Thomson Reuters Institute survey found.   

By Jim Tyson • June 11, 2021

GameStop taps Amazon execs to replace CEO, CFO

With Matt Furlong as CEO and Mike Recupero as CFO, the company intends to restore strength and home in on digital sales.

By Jane Thier • June 10, 2021

SPAC lawsuits surge over disclosure claims: attorney

Securities and Exchange Commission guidance on SPAC disclosures has spurred a rise in litigation in New York State courts — almost 40 in the past six months.

By Jim Tyson • June 8, 2021