SEC Charges Hertz’s Former CEO With Aiding and Abetting Company’s Financial Reporting and Disclosure Violations

SEC

The Securities and Exchange Commission today charged former Hertz CEO and Chairman Mark Frissora with aiding and abetting the company in its filing of inaccurate financial statements and disclosures.  Frissora has agreed to settle the charges and repay Hertz nearly $2 million in incentive-based compensation.

The SEC’s complaint alleges that as Hertz’s financial results fell short of its forecasts throughout 2013, Frissora pressured subordinates to “find money,” principally by re-analyzing reserve accounts, causing Hertz’s staff to make accounting changes that rendered the company’s financial reports materially inaccurate. read more »

'China's Netflix' is being investigated by the SEC for alleged fraud

CNN

Investors are getting nervous about iQiyi (IQ), the online streaming provider often referred to as the "Netflix of China," as regulators examine allegations of inflated earnings.

Shares of the Nasdaq-listed company fell 11.6% in pre-market trading Friday after iQiyi revealed that the US Securities and Exchange Commission had opened an investigation into its practices following a controversial report alleging massive fraud at the firm. read more »

YAHOO FINANCE

German officials traded Wirecard shares as it edged towards collapse

German regulatory officials bought and sold Wirecard shares in ever higher volumes as the payments company edged towards collapse, the German government has revealed, prompting fresh criticism of the agency that polices finance.

Responding to questions posed by Green party lawmakers investigating what authorities did to avert Germany's biggest stock market fraud, the government said staff in Bafin, which monitors banks, had invested in Wirecard shares. read more »