10:13:44 EST Sun 17 Nov 2019
Enter Symbol
or Name
USA
CA



Swisher Hygiene's Kipp, Viard lose appeal

2019-11-08 10:28 ET - Street Wire

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

Former Swisher Hygiene Inc. executives Michael Kipp and Joanne Viard, convicted for an accounting fraud that led to the demise of the former Toronto Stock Exchange listing, have lost their appeal. The U.S. Court of Appeals for the Fourth Circuit has upheld their convictions, finding that there was substantial evidence against them. Among other things, the pair made scores of accounting entries for the sole purpose of causing Swisher to reach its earnings targets.

The appeal ruling comes over two years after a judge in North Carolina convicted Mr. Kipp, 65, and Ms. Viard, 40, for the scheme. Prosecutors had accused them of manipulating Swisher's earnings during three reporting periods in 2011. The pair had gone through the company's books, looking for ways to "scrub the numbers" in an attempt to meet predetermined earnings targets. Had the company met those targets, Mr. Kipp would have been in line for an $88,000 bonus. (All figures are in U.S. dollars.) The efforts of the pair led to investor losses that prosecutors have calculated at between $96-million and $400-million.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2019 Canjex Publishing Ltd. All rights reserved.


Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.