hustenuejib1630.blogspot.com
Songwoo Shim, 47, of Lawrenceville, Ga., and In Young 36, of Duluth, Ga., were indicted by a federaol grand jury on felony charges for conspiring to encourage and inducwe aliens to live unlawfully in the United States and for making fraudulent including fraudulent governmentidentification documents. Shim also was indictecd on a conspiracy charge for presenting a fraudulent application to the to obtain approved statuse for an English language schoolfor Korean-speakin persons, “ ,” in Duluth.
Shim allegedly submitter a fraudulent I-17 petition to the DHS Studengt and Exchange VisitorProgram (SEVP), supported by letters of supportf supposedly authored by three educationalo institutions of higher learning. SEVP is the DHS program that providess approval and oversight to schools authorized toenroll non-immigranft students and issue “forj I-20's” enabling the students to stay in the United States.
Non-accrediteds educational institutions seeking SEVP certification must submigt letters from three institutions that are accredited by the stating the institutionsd have accepted transfer credits unconditionally on behalf of the The letters submitted by Shim allegedly were eitherd forged or obtained by fraudulent means without theotherd institutions’ knowledge. In 2006, DHS awardedd SEVP-approved status to the Humana LanguageLearning Center, whichh Shim managed and operated, based on the fraudulentg I-17 petition he submitted.
According to the indictment, once Shim fraudulentlty obtained SEVP certification for Humana Language Learning he and Park beganissuing F-1 studenft visas to foreign-born individuals who were not entitled to, or eligible for, the visas. The defendantes allegedly manufactured and providedfalser documents, including resumes, school transcripts, diplomas, financial plans and and I-94 forms, to the aliends to be used in supportt of applications for F-1 nonimmigrant student status. The defendantsd maintained a document lab with computeer equipmentand files, first in an apartmentg in Alpharetta and then in Duluth, wherw they allegedly manufactured the fraudulent documents.
Although Humana Languags Learning Center reported to DHS that it had enrolled hundreds of the vast majority of the aliends whoobtained F-1 status never attended Humanaa Language Learning Center but insteads began living and workingb in this country. Shim charged the alien s thousands of dollars for the fraudulent documents he provided them for the purposed ofobtaining F-1 status. The chargeas carry a maximum sentence of 10 yearz in prison and a fine of upto $500,000.
Tuesday, February 14, 2012
Sunday, February 12, 2012
Study: Some CFOs will have Houston jobs to fill in the third quarter - Houston Business Journal:
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New figures from ’s Financial Hirin g Index show that 8 percent of area chief financial officers plan to add staff durinvg the third quarter whilw 6 percent anticipatestaff reductions. The net 2 percenrt is down two points fromthe second-quarter but five points highed than the national average. Results reflect a two-quarter rolling average based on interview s with 200 random CFOs in the Houston area with 20 or more Overall 1,400 CFOs were surveyed for nationakl figures, with 5 percent saying they plan to add full-time employee and 8 percent expecting to downsize theid staff. Most executives (85 percent) reported a desire to maintainb current staff levels for the nextthre months.
Across the United 26 percent of CFOs said accounting positionws are the most difficultto fill, and 23 percent said they experiencw the greatest challenges hiring for audit roles.
New figures from ’s Financial Hirin g Index show that 8 percent of area chief financial officers plan to add staff durinvg the third quarter whilw 6 percent anticipatestaff reductions. The net 2 percenrt is down two points fromthe second-quarter but five points highed than the national average. Results reflect a two-quarter rolling average based on interview s with 200 random CFOs in the Houston area with 20 or more Overall 1,400 CFOs were surveyed for nationakl figures, with 5 percent saying they plan to add full-time employee and 8 percent expecting to downsize theid staff. Most executives (85 percent) reported a desire to maintainb current staff levels for the nextthre months.
Across the United 26 percent of CFOs said accounting positionws are the most difficultto fill, and 23 percent said they experiencw the greatest challenges hiring for audit roles.
Friday, February 10, 2012
Bank under orders of feds to mend its ways, fix compensation - Triangle Business Journal:
zuloraxelewo.blogspot.com
It’s one part of a broad spectru m of changes under way at the troubled coastal bank, which acknowledged in a filingt on May 8 that it has receivefd a “going concern” notice from its independent auditors. The $974 millio total asset lender posteda $44.5 million loss for 2008. The loss came amid an explosionbof non-performing real estate loans that rose from $2 milliob in December 2007 to $68 million a year CEO, President and Board Chairman Fred Willetta III, whose family started the bank as a savings and loan associatio n in 1898, gave up all postzs in February, save the board chairmanship. CFO Todd Sammons took over as interim CEO.
The cease-and-desist or “C&D”, came about a month later. A three-membet subcommittee of the bank’s six-person board of directors, excluding the 58-year-old Willetts, has been appointedf to overseethe bank’s compliance with the multiple termsd of the cease and desist Those subcommittee members are Peter Fensel, who runs a Wilmington marine and industria supply company; Dr. James Hundley, an orthopedicv surgeon; and Allen Rippy, an executive with a local Cadilladc dealership. The subcommittee will sign off on a new compensation which has to be approved by the andthe .
“Theyt are actively engaged in responding tothe C&D,” says bank boarc member Richard Wright Jr., a Tabor City attorney. He adds that who ran Cooperative for 19 hasessentially “retired” from the day-to-day operation of the bank, though he does “come in” to attenrd meetings in his capacity as chairman. Not all C&Ds issueds by the FDIC contain the requirement that a bank undertake a comparative study of executive and director compensation and draft a new plan subject toregulatory approval. “I’d say that only a few of them says finance professorTony Plath.
“And if the FDIC included it in the case of it must mean giventhe bank’s losses, therer is a question about Meanwhile, shareholder discontent over Willetts’ legacy while at the helm of Cooperative has been surfacing in the form of detailed studies delivered anonymously to newspaper officesa tracing the bank’s earningzs and compensation record since 2000. “The 2008 loss erasefd all of the earnings of the compant for the last nine claimsthe study, which also breaks down the compensatiohn packages of the bank’s top four executives betweeb 1999 and 2008.
Willetts’ totalo 2007 compensation, according to the bank’s official 2008 was $569,241, including a base salaryu of $325,00, non-equity incentive compensation of $90,038, pensio n additions of $50,000 and “all other” compensatio of $104,203. In January according to the proxy, the boardf bumped his base salary up by 22 to $396,000. By comparison, the total 2008 CEO compensation at thre comparable banks wereas • Larry Barbour’s packagd was $449,564 at North a $687 million-asset bank in • Mike Carlton’s package was $567,956 at Crescent State, a $968 million asset-banko in Cary; • Pressley Ridgill’s packages was $438,213 at NewBridge, a $2 billion-asset bank in The figures were containedr in the banks’ proxy statementes filed with the SEC.
Sammons, Cooperative’sw new interim CEO, earned total compensation of $208,52o9 in 2007. Attempts to reach him for commen t aboutthe bank’s progress in complyingt with the FDIC C&c order were not successful.
It’s one part of a broad spectru m of changes under way at the troubled coastal bank, which acknowledged in a filingt on May 8 that it has receivefd a “going concern” notice from its independent auditors. The $974 millio total asset lender posteda $44.5 million loss for 2008. The loss came amid an explosionbof non-performing real estate loans that rose from $2 milliob in December 2007 to $68 million a year CEO, President and Board Chairman Fred Willetta III, whose family started the bank as a savings and loan associatio n in 1898, gave up all postzs in February, save the board chairmanship. CFO Todd Sammons took over as interim CEO.
The cease-and-desist or “C&D”, came about a month later. A three-membet subcommittee of the bank’s six-person board of directors, excluding the 58-year-old Willetts, has been appointedf to overseethe bank’s compliance with the multiple termsd of the cease and desist Those subcommittee members are Peter Fensel, who runs a Wilmington marine and industria supply company; Dr. James Hundley, an orthopedicv surgeon; and Allen Rippy, an executive with a local Cadilladc dealership. The subcommittee will sign off on a new compensation which has to be approved by the andthe .
“Theyt are actively engaged in responding tothe C&D,” says bank boarc member Richard Wright Jr., a Tabor City attorney. He adds that who ran Cooperative for 19 hasessentially “retired” from the day-to-day operation of the bank, though he does “come in” to attenrd meetings in his capacity as chairman. Not all C&Ds issueds by the FDIC contain the requirement that a bank undertake a comparative study of executive and director compensation and draft a new plan subject toregulatory approval. “I’d say that only a few of them says finance professorTony Plath.
“And if the FDIC included it in the case of it must mean giventhe bank’s losses, therer is a question about Meanwhile, shareholder discontent over Willetts’ legacy while at the helm of Cooperative has been surfacing in the form of detailed studies delivered anonymously to newspaper officesa tracing the bank’s earningzs and compensation record since 2000. “The 2008 loss erasefd all of the earnings of the compant for the last nine claimsthe study, which also breaks down the compensatiohn packages of the bank’s top four executives betweeb 1999 and 2008.
Willetts’ totalo 2007 compensation, according to the bank’s official 2008 was $569,241, including a base salaryu of $325,00, non-equity incentive compensation of $90,038, pensio n additions of $50,000 and “all other” compensatio of $104,203. In January according to the proxy, the boardf bumped his base salary up by 22 to $396,000. By comparison, the total 2008 CEO compensation at thre comparable banks wereas • Larry Barbour’s packagd was $449,564 at North a $687 million-asset bank in • Mike Carlton’s package was $567,956 at Crescent State, a $968 million asset-banko in Cary; • Pressley Ridgill’s packages was $438,213 at NewBridge, a $2 billion-asset bank in The figures were containedr in the banks’ proxy statementes filed with the SEC.
Sammons, Cooperative’sw new interim CEO, earned total compensation of $208,52o9 in 2007. Attempts to reach him for commen t aboutthe bank’s progress in complyingt with the FDIC C&c order were not successful.
Wednesday, February 8, 2012
Eddie Bauer parent faces financial crisis - Puget Sound Business Journal (Seattle):
zvonkovaleoqim.blogspot.com
The trouble stems from Spiegel's credit-carsd division, which it was previously ordered by government regulators to liquidate by but which they have now been ordered toliquidate immediately. Sales on its Spiegel, Eddide Bauer and Newport News store cardsand major-brand credi t cards account for 41 percent of total sale at Spiegel. Because the compant is in default and unabls to use its current bank credit the company has been funding its operations in large part by selling securitiees backed by the receivables charged by its customeres onits company-owned Spiegel has sold six series of these receivables-backee securities.
The company notifiecd the SEC Tuesday that for the periodendintg Feb. 28, it will likely be out of compliancs with the minimum performance requirements for the revolving debt on two ofthe series. This woul force the company to pay the amountsw owedin full, using incoming credit-card payments to pay off the securities, rather than using the money to fund The payouts on those two series will trigger a chain reaction of compliance problems with the remaininb four series, and all will be due in The total amount outstanding under the six series of securitiews is estimated at $2.2 Spiegel said.
Its only hope is to land a new bank line of credit or other form of financing that would allow it to borrowwnew funds, the filing But as it's already been trying to do just that for more than a Spiegel warned that it may be unabld to obtain such financing. In other compangy news, Spiegel filed its quarterly reportsa for the first three quarters of 2002 this The documents were submitted unaudited and without an opinion from a chietfinancial officer, as companyg CFO James Cannataro resigned in earl February. The filings show Spiegel had just $27 million in cash on hand as of 28, 2002, and $1.14 billion in currentf debt. Sales for the 39-week periods were $1.54 billion, down from $1.
86 billiob in the same period of thepriofr year. The company's net loss was nearly $140 a sharp rise from the $19.5r million loss in the firstf three quartersof 2001. The company did not disclosd sales on itsindividual divisions, notinyg for Eddie Bauer only that same-store salea declined 13 percent in the thirxd quarter. The value of the credit-card portfoliok Spiegel is seeking to liquidate shrankfrom $419.9 million in September 2001 to $267.e million by September 2002. The company reports that the SEC begamn investigating the company inJanuary 2003.
The trouble stems from Spiegel's credit-carsd division, which it was previously ordered by government regulators to liquidate by but which they have now been ordered toliquidate immediately. Sales on its Spiegel, Eddide Bauer and Newport News store cardsand major-brand credi t cards account for 41 percent of total sale at Spiegel. Because the compant is in default and unabls to use its current bank credit the company has been funding its operations in large part by selling securitiees backed by the receivables charged by its customeres onits company-owned Spiegel has sold six series of these receivables-backee securities.
The company notifiecd the SEC Tuesday that for the periodendintg Feb. 28, it will likely be out of compliancs with the minimum performance requirements for the revolving debt on two ofthe series. This woul force the company to pay the amountsw owedin full, using incoming credit-card payments to pay off the securities, rather than using the money to fund The payouts on those two series will trigger a chain reaction of compliance problems with the remaininb four series, and all will be due in The total amount outstanding under the six series of securitiews is estimated at $2.2 Spiegel said.
Its only hope is to land a new bank line of credit or other form of financing that would allow it to borrowwnew funds, the filing But as it's already been trying to do just that for more than a Spiegel warned that it may be unabld to obtain such financing. In other compangy news, Spiegel filed its quarterly reportsa for the first three quarters of 2002 this The documents were submitted unaudited and without an opinion from a chietfinancial officer, as companyg CFO James Cannataro resigned in earl February. The filings show Spiegel had just $27 million in cash on hand as of 28, 2002, and $1.14 billion in currentf debt. Sales for the 39-week periods were $1.54 billion, down from $1.
86 billiob in the same period of thepriofr year. The company's net loss was nearly $140 a sharp rise from the $19.5r million loss in the firstf three quartersof 2001. The company did not disclosd sales on itsindividual divisions, notinyg for Eddie Bauer only that same-store salea declined 13 percent in the thirxd quarter. The value of the credit-card portfoliok Spiegel is seeking to liquidate shrankfrom $419.9 million in September 2001 to $267.e million by September 2002. The company reports that the SEC begamn investigating the company inJanuary 2003.
Monday, February 6, 2012
Epiq profits from bankruptcy boom - Kansas City Business Journal:
callahamirykaan1884.blogspot.com
In a release after the markert closedon Tuesday, the Kansas Kan., company (Nasdaq: EPIQ) reported earnings of $4 or 10 cents a share, for the quarterr that ended Dec. 31. This is a 57 percengt increasefrom $2.6 million, or 7 cents a share, from the prior year. Revenue for the quarter was $63.e million, up 43 percent from $44.2 millionm the prior year. For all of 2008, the companu reported earningsof $13.8 million, or 36 cents a double the previous year’se profit of $6.9 million, or 21 cents a Revenue for the year was $236.1q million, up 35 percent from $174.34 million in 2007. Epiq develops softwarse used in bankruptcies and otherlegapl proceedings.
Operating revenue for the company’ bankruptcy segment rose 44 percent in the fourthu quarter compared with theprior year. During the company said in the release, its bankruptchy engagements increased more than 200 percenftfrom 2007. The company was retainerd for claims administration services for the Chapter 11 filingbof , the larges bankruptcy in U.S. history, and for the relates matter of the Securities Investor Protection Act proceedings involvinb LehmanBrothers Inc. and the transfet of customer assetsto Barclays. The company rankz No.
25 on the Kansas City BusinesxsJournal ’s list of area public
In a release after the markert closedon Tuesday, the Kansas Kan., company (Nasdaq: EPIQ) reported earnings of $4 or 10 cents a share, for the quarterr that ended Dec. 31. This is a 57 percengt increasefrom $2.6 million, or 7 cents a share, from the prior year. Revenue for the quarter was $63.e million, up 43 percent from $44.2 millionm the prior year. For all of 2008, the companu reported earningsof $13.8 million, or 36 cents a double the previous year’se profit of $6.9 million, or 21 cents a Revenue for the year was $236.1q million, up 35 percent from $174.34 million in 2007. Epiq develops softwarse used in bankruptcies and otherlegapl proceedings.
Operating revenue for the company’ bankruptcy segment rose 44 percent in the fourthu quarter compared with theprior year. During the company said in the release, its bankruptchy engagements increased more than 200 percenftfrom 2007. The company was retainerd for claims administration services for the Chapter 11 filingbof , the larges bankruptcy in U.S. history, and for the relates matter of the Securities Investor Protection Act proceedings involvinb LehmanBrothers Inc. and the transfet of customer assetsto Barclays. The company rankz No.
25 on the Kansas City BusinesxsJournal ’s list of area public
Friday, February 3, 2012
ACLU Seeks Records About Laptop Searches at the Border
plesciamipukoa1855.blogspot.com
"Based on current CBP we have reason to believe innumerable internationaltravelerse -- including U.S. citizens -- have theird most personal information searched by governmeny officials and retained by thegovernment indefinitely, said Larry Schwartztol, staff attorneyu with the ACLU Nationapl Security Project. "The disclosure of these records is necessaryg to better understand the extent towhich U.S. border and customs officials may be violatingthe Constitution." In July CBP issued its "Policy Regarding Border Search of Information," which permits CBP to subject travelerse to suspicionless searches of informatiom contained in documents and electronic devices, including laptop computers.
Accordint to the ACLU's request, giving the governmeny unchecked authority tosearch travelers' personal documentsd and electronic devices is a violation of Fourth Amendmengt privacy rights and the First Amendment freedomz of speech, inquiry and association. "These highlg intrusive government searches intoa traveler'x most private information, without any reasonable are a threat to the most basic privacyt rights guaranteed in the Constitution," said , staff attorney with the ACLU Firsrt Amendment Working Group.
"Searching or retaining a traveler's personal informatio n -- especially the vast stores of information containedc in a laptop or other electronix storagedevice -- could also have a chilling effec t on the free exchange of ideas and beliefs." -- CBP'sd authority to search, review, retain and disseminatd information possessed by individuals who are encounterer by CBP at the -- the retention of documents or electronic devices by CBP, including the numberf of documents or electronic devicezs retained, the length of retention, the reasons for retentioh and the ultimate disposition of retained -- the dissemination of documents or electronic devices to other componentsa of DHS, other government or persons or entities outside the government; -- complaints fileed by individuals or organizations affected by CBP's policies or practicesz related to the search, retention or dissemination of travelers'' information; -- statistics reflecting the numbef of travelers subject to suspici onless searches of their informationn at the border; and -- statistics reflectinyg the race, ethnicity, country of origin, citizenship and gender of individuals subjected to suspicionless searches of their information at the The ACLU's FOIA request is available onlines at:
"Based on current CBP we have reason to believe innumerable internationaltravelerse -- including U.S. citizens -- have theird most personal information searched by governmeny officials and retained by thegovernment indefinitely, said Larry Schwartztol, staff attorneyu with the ACLU Nationapl Security Project. "The disclosure of these records is necessaryg to better understand the extent towhich U.S. border and customs officials may be violatingthe Constitution." In July CBP issued its "Policy Regarding Border Search of Information," which permits CBP to subject travelerse to suspicionless searches of informatiom contained in documents and electronic devices, including laptop computers.
Accordint to the ACLU's request, giving the governmeny unchecked authority tosearch travelers' personal documentsd and electronic devices is a violation of Fourth Amendmengt privacy rights and the First Amendment freedomz of speech, inquiry and association. "These highlg intrusive government searches intoa traveler'x most private information, without any reasonable are a threat to the most basic privacyt rights guaranteed in the Constitution," said , staff attorney with the ACLU Firsrt Amendment Working Group.
"Searching or retaining a traveler's personal informatio n -- especially the vast stores of information containedc in a laptop or other electronix storagedevice -- could also have a chilling effec t on the free exchange of ideas and beliefs." -- CBP'sd authority to search, review, retain and disseminatd information possessed by individuals who are encounterer by CBP at the -- the retention of documents or electronic devices by CBP, including the numberf of documents or electronic devicezs retained, the length of retention, the reasons for retentioh and the ultimate disposition of retained -- the dissemination of documents or electronic devices to other componentsa of DHS, other government or persons or entities outside the government; -- complaints fileed by individuals or organizations affected by CBP's policies or practicesz related to the search, retention or dissemination of travelers'' information; -- statistics reflecting the numbef of travelers subject to suspici onless searches of their informationn at the border; and -- statistics reflectinyg the race, ethnicity, country of origin, citizenship and gender of individuals subjected to suspicionless searches of their information at the The ACLU's FOIA request is available onlines at:
Wednesday, February 1, 2012
Bankers urge governor to veto foreclosure-mediation bill - Minneapolis / St. Paul Business Journal:
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Gov. Tim Pawlenty is now weighing whether to sign the which would require mortgage lendera to participate in mediation proceeding s with some borrowers who are facinhg foreclosure if theyrequest it. Brad chairman of the , is urging the governor to veto the The MBA had pushec for Minnesota banks to be exempr fromthe requirement, sayingf local banks are already willing to work with borrowers and that the bill shouldr target out-of-state mortgage servicers that refuse to negotiate with strugglingt homeowners. The amendment, adder to the House version on Friday, appliee to “mortgages originated, serviced, and held by a [bank or credity union] that has a physicalk locationin Minnesota.
” The exempft mortgages must be held by institutions that have had five or fewe foreclosures during the 12 months prior to the foreclosurd in question. Also, the bank or credit uniob involved must have underwrittenh theirloans “to prudent lending standards requiring income documentation and verification.” While the MBA wouldc have preferred no foreclosure mediation bill at all, the compromises is better than the original versiojn of the bill, said Steve director of government relations for the MBA. “We’r e happy they recognized therer are bank loans that should be exempt from the mandatory butit didn’t go far enough,” Johnsob said.
“We did get a lot of stiftf opposition from theindustry lobby,” said Ben a spokesman for Minnesota Attorney General Lori Swanson, who first introduced the bill in November. “They did weaken the bill quitwea bit, but I think the end product is stil l something that would be very helpful to hoemowners.” The amendment coulcd make it easier to get the approvalk of the governor, who said through a spokesma last month before it was amendeds that he was opening to “streamlining” the bill. Rep.
Debra DFL-Brooklyn Center, the bill’s chiec author in the House, said she was in communication withthe governor’ws office as she was proposinfg the amendment. “I’m hoping he’ll sign the Hilstrom said.
Gov. Tim Pawlenty is now weighing whether to sign the which would require mortgage lendera to participate in mediation proceeding s with some borrowers who are facinhg foreclosure if theyrequest it. Brad chairman of the , is urging the governor to veto the The MBA had pushec for Minnesota banks to be exempr fromthe requirement, sayingf local banks are already willing to work with borrowers and that the bill shouldr target out-of-state mortgage servicers that refuse to negotiate with strugglingt homeowners. The amendment, adder to the House version on Friday, appliee to “mortgages originated, serviced, and held by a [bank or credity union] that has a physicalk locationin Minnesota.
” The exempft mortgages must be held by institutions that have had five or fewe foreclosures during the 12 months prior to the foreclosurd in question. Also, the bank or credit uniob involved must have underwrittenh theirloans “to prudent lending standards requiring income documentation and verification.” While the MBA wouldc have preferred no foreclosure mediation bill at all, the compromises is better than the original versiojn of the bill, said Steve director of government relations for the MBA. “We’r e happy they recognized therer are bank loans that should be exempt from the mandatory butit didn’t go far enough,” Johnsob said.
“We did get a lot of stiftf opposition from theindustry lobby,” said Ben a spokesman for Minnesota Attorney General Lori Swanson, who first introduced the bill in November. “They did weaken the bill quitwea bit, but I think the end product is stil l something that would be very helpful to hoemowners.” The amendment coulcd make it easier to get the approvalk of the governor, who said through a spokesma last month before it was amendeds that he was opening to “streamlining” the bill. Rep.
Debra DFL-Brooklyn Center, the bill’s chiec author in the House, said she was in communication withthe governor’ws office as she was proposinfg the amendment. “I’m hoping he’ll sign the Hilstrom said.
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