- 2000
- $50,000
Enforcement action against Ohio company ABS Industries and four former officers or employees for allegedly defrauding investors in the company’s stock by intentionally overstating revenues by millions of dollars in 1994 and the first three quarters of the 1995. The scheme was carried out by improperly recording purported “bill and hold” sales at ABS Industries, resulting in overstated accounts receivables, sales, pre-tax income, net income and earnings per share. The SEC also brought an administrative proceeding against defendant Ursu III.
