Skip to comments.Cramer's TheStreet.com Charged With Accounting Fraud
Posted on 12/18/2012 2:06:11 PM PST by george76
wonder if CNBC will finally cancel the ludicrous Jim "truth" Cramer campaign once this news breaks. We doubt it -
SEC Charges Financial Media Company and Executives Involved in Accounting Fraud.
Washington, D.C., Dec. 18, 2012 The Securities and Exchange Commission today charged a digital financial media company and three executives for their roles in an accounting fraud that artificially inflated company revenues and misstated operating income to investors.
The SEC alleges that TheStreet Inc., 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 co-presidents of the subsidiary Gregg Alwine and David Barnett entered into sham transactions with friendly counterparties that had little or no economic substance. They also fabricated and backdated contracts and other documents to facilitate the fraudulent accounting. Barnett is additionally charged with misleading TheStreets auditor to believe that the subsidiary had performed services to earn revenue on a specific transaction when in fact it did not perform the services. The SEC also alleges that TheStreets former chief financial officer Eric Ashman caused the company to report revenue before it had been earned.
The three executives agreed to pay financial penalties and accept officer-and-director bars to settle the SECs charges.
Alwine and Barnett used crooked tactics, Ashman ignored basic accounting rules, and TheStreet failed to put controls in place to spot the wrongdoing, said Andrew M. Calamari, Director of the SECs New York Regional Office. The SEC will continue to root out accounting fraud and punish the executives responsible.
(Excerpt) Read more at zerohedge.com ...
Cramer is a fraud. Always has been.
Doesn’t that loud mouthed clown have a history of fraud?
Plus, Cramer is a total Obama toady. While pretending he’s objective. His “Mad Money” is appropriately named, although people have failed to take it literally, as they should.
Eliot Spitzer [ client number 9 ] and Jim Cramer were College roommates ?
Jim Cramer predicts that Bear Stearns will be fine, 11 March 2008.
Along with most of the rest of the CNBC crew.
Whether he is a fraud, he sucks all the air out of a room and really doesn’t say anything substantive. I liked cnbc in the morning but man has he ruined it.
Their was a time years ago I knew of someone in the financial biz, and they started calling all these shows “financial-porn”. They were unwilling to say it out loud, it was to crass, until a major mutual fund guru / house used the term to describe these types of shows...
Barron’s, from time to time, publishes his track record of the calls he makes on his show. It is not good.
If he is such a marvelous trader, why isn’t he trading instead of running his mouth?
Even Kudlow is backtracking on riding taxes. All hail the obamination
Cramerica is crumbling.
Got on a plane with him to DC last week- he looked B.A.D.
Now we know why:)
Jimmy loved to post on yahoo chat bulletin board about his TSCM. If i recall correctly his nic was “creme dela creme”. He was always a good bet against. TSCM was a favor to bash as they bashed tech companies.
Yes. He essentially ran a boiler room operation in New York. He has the truth and morals of Madonna.
I thought he has had ethical problems in the past, but could not remember
what those ethical issues were. I think of him as a the used car salesman
His presence on Bloomberg essentially has caused me to take Bloomberg TV off my favorites list.
I don’t think this is the first time he has been charged.
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