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News Breaks | | | | December 18, 2012 | | 12:44 EDT |  | TST | SEC charges former CFO of TheStreet with accounting fraud
The SEC alleges that TheStreet (TST), which operates the website TheStreet.com, filed false financial reports throughout 2008 by reporting revenue from fraudulent transactions at a subsidiary it had acquired the previous year. The SEC also alleges that TheStreet’s former CFO Eric Ashman caused the company to report revenue before it had been earned. Ashman agreed to pay a $125,000 penalty and reimburse TheStreet $34,240.40 under the clawback provision of the Sarbanes-Oxley Act, and he will be barred from acting as a director or officer of a public company for three years. Reference Link | |
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