wrongful transfer

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The investigation is related to the Company's December 13, 2010, announcement that it has commenced legal proceedings against its former Chief Financial Officer and Chief Accounting Officer, Jackie Chang, "after an internal investigation uncovered the wrongful transfer of funds as well as other questionable actions.
In addition, the upgraded Identity Fraud product offers an extension to the amount of time an identity fraud incident can be reported and still qualify for expense reimbursement, as well as an enhancement of covered attorney's fees to include contesting the wrongful transfer of ownership of personal property and wrongfully incurred tax liabilities solely as a result of identity fraud.
Veltex continues to work closely with law enforcement officials in perusing other individuals or corporations who assisted in the wrongful transfer of assets away from the company and to secure their return.
NEW YORK: The trustee for Lehman Brothers' brokerage asked a judge to disallow what he called the wrongful transfer of $7 billion of assets to Barclays after it bought the defunct investment bank's brokerage in the 2008 financial crisis.
The complaints allege that defendants failed to disclose material weaknesses in the Company's internal controls, and in particular, that: (1) former CEO Ron Chan Tze Ngon ("Chan") and others engaged in the wrongful transfer of at least $120 million from the Company's subsidiaries' bank accounts; (2) the wrongful transfer of Company's assets, including two private colleges, went to persons outside of the Company; (3) the Company's assets were used to establish and operate companies outside of the ChinaCast corporate structure; (4) loans to third parties were secured by Company assets; and (5) the Company's internal controls were materially deficient.
Specifically, the Complaint alleges ChinaCast issued materially false and misleading financial statements during the Class Period because of undisclosed material weaknesses in the Company's internal controls and the alleged wrongful transfer of $120 million in cash by CEO Chan from bank accounts of ChinaCast's subsidiaries.
Chan and other employees to engage in the wrongful transfer of at least $120 million from two CAST subsidiaries' bank accounts; (2) the Company permitted wrongful transfers of the Company's assets to unauthorized entities, including two private colleges (3) the Company permitted loans to third parties secured by Company assets; and (4) the Company's internal controls were deficient.
Roberts also discussed Veltex's cooperation with law enforcement officials in perusing those individuals who assisted in the wrongful transfer of assets away from the company.
In particular, it is alleged that ChinaCast misled the investing public and failed to disclose known facts related to deficiencies in the company's internal controls that allegedly permitted, among other things, the wrongful transfer of $120 million in cash by Ron Chan Tze Ngon ("Mr.
Then, on December 13, 2010, Tongxin announced that it had filed a civil suit against its former CFO, Jackie Chang, due to the wrongful transfer of Company funds by Chang into an account for the benefit of her and the Company's former CEO, Rudy Wilson.
Tongxin's stock continued to decline on news that Rudy Wilson, Chairman of the Board and Chief Executive Officer, and Jackie Chang, Chief Financial Officer and Chief Accounting Officer, were being removed from their positions with the company and that the company had filed a civil suit against Chang alleging her wrongful transfer of company funds for the benefit of her and Wilson.
It is alleged that FEINER endeavored to cover the fact of the wrongful transfers by issuing and mailing quarterly statements to each of the limited partners that falsely stated that their investment was safe and doing well, when in fact all of the IGLP investors' monies had been spent by Brew Moon by the end of 1999 and, as of November 1, 2000, the chain had filed for bankruptcy protection.