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[News] [Rival] Microsoft Has Financial Difficulties, Pequot Fraud Revisited

  • Subject: [News] [Rival] Microsoft Has Financial Difficulties, Pequot Fraud Revisited
  • From: Roy Schestowitz <newsgroups@xxxxxxxxxxxxxxx>
  • Date: Tue, 06 Jul 2010 20:57:26 +0100
  • Followup-to: comp.os.linux.advocacy
  • Newsgroups: comp.os.linux.advocacy
  • User-agent: KNode/4.4.2
Hash: SHA1

100 Index Posts Record Losing Streak as Microsoft Slumps

,----[ Quote ]
| The measure, which gets 63 percent of its 
| value from computer-related companies such 
| as Microsoft Corp. and Apple Inc., has 
| declined 9.7 percent after slumping 10 
| consecutive days. Microsoft has tumbled 26 
| percent since peaking on April 22, while 
| Apple has fallen 9.9 percent in two weeks.


SEC Settles Firing Claim For $755,000 


SEC Pays Out Big in Wrongful Termination Case

,----[ Quote ]
| In May, after new information surfaced in a 
| divorce case, Pequot founder Arthur Samberg 
| agreed, without admitting or denying 
| wrongdoing, to pay $28 million to settle 
| allegations he engaged in insider trading of 
| Microsoft stock.


SEC to pay damages to sacked lawyer


SEC paying $755K to settle with fired lawyer


Pequot whistleblower lands $750K in 'land war' with SEC


SEC Agrees to Pay Aguirre $755,000 Over His Firing


SEC Pays $755,000 to Settle With Fired Staffer

,----[ Quote ]
| Last month Pequot, which abruptly went out 
| of business in 2009, agreed to pay $28 
| million to settle regulators claims that it 
| illegally used inside information to trade 
| Microsoft Corp shares.


Pequot Whistleblower Gets $755K Settlement From SEC


SEC Agrees to Pay Aguirre $755,000 Over His Firing

,----[ Quote ]
| The U.S. Securities and Exchange Commission 
| will pay $755,000 to a former enforcement 
| attorney who said the agency unjustly fired 
| him after he tried to investigate insider-
| trading allegations involving former Morgan 
| Stanley Chief Executive Officer John Mack.



Microsoft's Fast Search Charged With Fraud in Norway

,----[ Quote ]
| Norwegian police on Thursday charged Fast Search & Transfer with accounting
| fraud, an enterprise search company bought by Microsoft in January for US$1.2
| billion.


Microsoft's Fast charged with 'accounting fraud'

,----[ Quote ]
| Norwegian economic crime police have raided the headquarters of
| Microsoft-owned Fast Search and Transfer and charged the firm with accounting
| fraud.


Ex-Microsoft boss sentenced


Former Microsoft Manager Gets 2 Years In Jail



Microsoft's Accounting Under Scrutiny

,----[ Quote ]
| The company has still not made enough information public to provide analysts
| with detailed information on the profitability of its MSN Internet business,
| Mr. Galvin said, adding, ''There's still room for them to obfuscate.''


Microsoft - Undeserving of Libertarian Praise

,----[ Quote ]
| One strategy that Microsoft has employed in the past is paying for the
| silence of people and companies. Charles Pancerzewski, formerly Microsoft's
| chief auditor, became aware of Microsoft's practice of carrying earnings from
| one accounting period into another, known as "managing earnings". This
| practice smoothes reported revenue streams, increases share value, and
| misleads employees and shareholders. In addition to being unethical, it's
| also illegal under U.S. Securities Law and violates Generally Accepted
| Accounting Practices (Fink). Mr. Pancerzewski claims he was forced to retire,
| for raising the issue of deferred earnings with Microsoft executives, thereby
| making plausible deniability more difficult for said executives. He has since
| sued Microsoft, who responded by settling out of court, but also sealing the
| records to prevent public disclosure (Fink).


Microsoft Agrees To Refrain From Accounting Violations in SEC Settlement

,----[ Quote ]
| Microsoft has agreed to refrain from accounting violations to settle federal
| regulators' allegations that it misrepresented its financial performance, the
| government announced Monday.
| Under a settlement with the Securities and Exchange Commission, the software
| giant neither admitted to nor denied wrongdoing. No fine was imposed.
| The SEC alleged that Microsoft's accounting practices from July 1994 through
| June 1998 caused its income to be substantially misstated.


"Microsoft Tax," MSN Enters the Black Hole, New Names for NT

,----[ Quote ]
| The lawsuit, filed last year by Mukilteo City Councilman Charles
| Pancerzewski, alleges that he was forced to resign as Microsoft's general
| auditor in January 1996 after working for the company's internal auditing
| department for more than four years. The suit claims that a "significantly
| younger man" with little auditing experience was picked to replace
| Pancerzewski, who was finally forced out because he discovered Microsoft
| might have been violating government regulations. Once Pancerzewski left the
| company he was replaced by the younger man, who his attorneys believe
| was "less prone to raise issues of possible legal improprieties which could
| threaten or embarrass Microsoft or its management.


SEC Investigating Microsoft Practices -- Earnings Manipulated, Former Employee

,----[  Quote]
| "The CFO to whom Charlie was reporting his concerns about illegality was the
| biggest advocate for the very illegality that was going on," Vial argued in
| court a year ago.



,----[ Quote ]
| THE ALLEGATIONS WERE shocking: For years, Microsoft has systematically
| distorted its profit figures in an effort to consistently beat Wall Street
| expectations and keep its stock price steadily rising. The false reports
| would violate SEC regulations, and amount to outright fraud.
| More shocking was the source of the allegations: Microsoft's chief of
| internal audits, Charlie Pancerzewski, who reported directly to the company's
| chief financial officer.
| Most shocking of all was what happened to Pancerzewski when he reported the
| suspicious bookkeeping to his supervisors, Microsoft CFO Mike Brown and chief
| operating officer Bob Herbold, in the spring of 1995. Soon afterward,
| Pancerzewskiâwho for nearly five years had received stellar performance
| evaluationsâreceived his first-ever unsatisfactory one, and was eventually
| forced to resign.
| Two months ago, Microsoft quietly settled a lawsuit containing these
| allegations, filed in 1997 by Pancerzewski under the Whistleblowers
| Protection Act. The auditor claimed he was wrongfully terminated after
| telling his supervisors that Microsoft might be breaking securities and tax
| laws. The lawsuit made its tortuous way through several rounds of pretrial
| motions until last fall, when US District Judge Carolyn Dimmick denied
| Microsoft's final plea for summary judgment, finding credible evidence that
| Microsoft may have violated SEC rules, as Pancerzewski alleged. Shortly
| thereafter, Microsoft and Pancerzewski settled out of court. Terms of the
| agreement were sealed, but one source who claims familiarity with the case
| says that Microsoft paid Pancerzewski $4 million.


Ecuador Tax Agency Closes Microsoft Branch Offices For 7 Days

,----[ Quote ]
| "We have twice requested balances, payment reports and complete tax
| information, but the company hasn't given it to us, so in accordance with our
| laws we have proceeded with the closure," the SRI official in charge of the
| proceeding said.  


Microsoft Office raid in Hungary

,----[ Quote ]
| "Such behavior could lead to the exclusion of competitive products from
| the market and violate European Union rules, according to the authority
| known as the GVH."


Microsoft exec dumped stock prior to Red Ring announcement

,----[ Quote ]
| To make matters more murky, the sales were not registered with the Securities
| and Exchange Commission within the mandatory two days of the transaction, a
| result of an alleged "administrative error." Microsoft has since remedied the
| issue by following the "procedures required of late-filers."  

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