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BUSINESS
December 4, 2002 | From Associated Press
William Webster plans to step aside as head of the new federal accounting oversight board before its first official meeting Jan. 6. Webster led a second informal meeting of the five-member panel Monday in Washington. The board discussed a schedule for collecting fees from public companies to fund its work and for inspecting accounting firms' work by summer.
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BUSINESS
April 3, 2003
* Two former mid-level Enron Corp. executives pleaded not guilty to charges related to an alleged scheme that generated $111 million in fake earnings with the energy company's failed attempt to start an Internet movie-on-demand service. Kevin Howard, 40, and Michael Krautz, 34, are charged with securities fraud, wire fraud, conspiracy and lying to the FBI regarding reported profit from Houston-based Enron's deal with video rental chain Blockbuster Inc. * The top executive of U.S.
BUSINESS
March 25, 2003 | From Reuters
The top executive of U.S. Technologies Inc., the company whose money woes led to former FBI chief William H. Webster's resignation from a new accounting oversight board, was indicted Monday for allegedly bilking investors out of about $15 million. The 22-count indictment expands allegations against C. Gregory Earls, chairman and chief executive of U.S. Technologies, who was previously charged in a complaint filed by federal prosecutors in December that accused him of diverting more than $13.
BUSINESS
November 8, 2002 | Thomas S. Mulligan, Times Staff Writer
William H. Webster, designated chief of the nation's new accounting oversight board, has called an initial meeting of the panel for next Wednesday. But more questions arose Thursday about whether he can hang on that long. Webster faced new pressure to resign after accounting firm BDO Seidman released documents indicating that he took part in a July 2001 conference call in which the auditors warned of poor financial controls at U.S. Technologies Inc.
BUSINESS
December 13, 2002 | Thomas S. Mulligan, Times Staff Writer
The new Public Company Accounting Oversight Board, still without a permanent chairman, a headquarters, a budget or a Web site, has nevertheless begun a flurry of activity, hiring a headhunter to scout executives, touring office space and lining up vendors for phones and equipment. The five-member board, created by Congress in the summer to police the scandal-ridden accounting industry, is waiting for a chairman to replace former FBI Director William H. Webster.
BUSINESS
November 6, 2002 | From Bloomberg News and Times Staff Reports
Nine days before the first scheduled meeting of the Public Accounting Oversight Board, the panel has no budget, no office, no staff -- and maybe no leader. "Dates for two meetings have been set. I'm not aware of anything else that's been done," said Willis Gradison, a former Republican congressman from Ohio and a member of the new board.
BUSINESS
December 20, 2002 | Thomas S. Mulligan, Times Staff Writer
Poor communication and a lack of consensus at the top of the Securities and Exchange Commission, plus failures by SEC staffers, caused the agency to bungle its appointment of the head of a new accounting oversight board, the General Accounting Office said in a report Thursday. The GAO, Congress' investigative arm, came down especially hard on former SEC Chief Accountant Robert Herdman. But it also criticized outgoing SEC Chairman Harvey L.
BUSINESS
January 10, 2003 | Thomas S. Mulligan, Times Staff Writer
The new Public Company Accounting Oversight Board plans to launch inspections of the Big Four accounting firms in its first year as the industry's independent watchdog, the board's acting chief said Thursday. Charles D. Niemeier, former chief accountant of the Securities and Exchange Commission's enforcement division, said tackling the Big Four would be a "Herculean task" for the fledgling board.
BUSINESS
November 7, 2002 | Walter Hamilton, Times Staff Writer
NEW YORK -- Harvey L. Pitt presided over a meeting of the Securities and Exchange Commission on Wednesday, but across Washington and Wall Street the focus was already on who might next occupy Pitt's chair at the table. The Bush administration faces a major challenge in naming a new SEC chairman to replace Pitt, who resigned under pressure Tuesday.
BUSINESS
November 5, 2002 | Walter Hamilton, Times Staff Writer
One of the nation's biggest accounting firms Monday accused William H. Webster, who has been tapped to head the new federal accounting oversight board, of making "false and misleading statements" about his awareness of financial problems at a small company for which he had been a director. The lawsuit by BDO Seidman deepens the controversy over Webster's appointment to the board, though he said Monday he stood by his previous statements about the company and his dealings with BDO.
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