Cutter & Buck Inc. is a manufacturer of upscale clothing for golf and other sports. Founded in 1990, the company went public in 1995 and was sold to New Wave Group AB, a Swedish-based corporation, on April 13, 2007.
The company sells its products primarily in the golf and corporate clothing markets in over twenty-five countries around the world, and has been recognized for its sponsorship of Swedish golfer Annika Sörenstam. It also sells into the collegiate clothing market and in 2005, commenced a consumer-direct catalogue and e-commerce site. In the mid-nineties, Cutter & Buck became a founding member of the SA 8000 Social Accountability Platform, which holds its members to a code of conduct in outsourced manufacturing and domestic operations.
Originally founded by Harvey Jones and Joey Rodolfo, Cutter & Buck's headquarters are now at 101 Elliott Avenue West in the Lower Queen Anne neighborhood of Seattle, Washington. From April 2, 2014, until present, Cutter & Buck's CEO is Joel Freet.
Wire Fraud
In 2003, Cutter & Buck's former CFO, Stephen S. Lowber, pleaded guilty to felony wire fraud relating to lying about the company's revenue in 2000. The Cutter & Buck corporation paid no fines for these misstatements; however, it did agree with the SEC to stronger accounting practices.[1]
Insider trading is the trading of a public company's stock or other securities based on material, nonpublic information about the company. In various countries, some kinds of trading based on insider information are illegal. This is because it is seen as unfair to other investors who do not have access to the information, as the investor with insider information could potentially make larger profits than a typical investor could make. The rules governing insider trading are complex and vary significantly from country to country. The extent of enforcement also varies from one country to another. The definition of insider in one jurisdiction can be broad and may cover not only insiders themselves but also any persons related to them, such as brokers, associates, and even family members. A person who becomes aware of non-public information and trades on that basis may be guilty of a crime.
MCI, Inc. was a telecommunications company. For a time, it was the second-largest long-distance telephone company in the United States, after AT&T. WorldCom grew largely by acquiring other telecommunications companies, including MCI Communications in 1998, and filed for bankruptcy in 2002 after an accounting scandal, in which several executives, including CEO Bernard Ebbers, were convicted of a scheme to inflate the company's assets. In January 2006, the company, by then renamed MCI, was acquired by Verizon Communications and was later integrated into Verizon Business.
Bernard John Ebbers was a Canadian-American businessman and the co-founder and CEO of WorldCom. Under his management, WorldCom grew rapidly but collapsed in 2002 amid revelations of accounting irregularities, making it at the time one of the largest accounting scandals in the United States. Ebbers blamed his subordinates but was convicted of fraud and conspiracy. In December 2019, Ebbers was released from Federal Medical Center, Fort Worth, due to declining health, having served 13 years of his 25-year sentence, and he died just over a month later.
Bankers Trust was a historic American banking organization. The bank merged with Alex. Brown & Sons in 1997 before being acquired by Deutsche Bank in 1999. Deutsche Bank sold the Trust and Custody division of Bankers Trust to State Street Corporation in 2003.
Jack Allan Abramoff is an American lobbyist, businessman, film producer, and writer. He was at the center of an extensive corruption investigation led by Earl Devaney that resulted in his conviction and 21 other people either pleading guilty or being found guilty, including White House officials J. Steven Griles and David Safavian, U.S. Representative Bob Ney, and nine other lobbyists and congressional aides.
CSK Auto, Inc. was a specialty retailer of automotive parts and accessories in the western United States. CSK Auto became a publicly traded company in March 1998, headquartered in Phoenix, Arizona, and grew through a combination of acquisitions and organic growth. It was acquired in 2008 by O'Reilly Automotive.
Securities fraud, also known as stock fraud and investment fraud, is a deceptive practice in the stock or commodities markets that induces investors to make purchase or sale decisions on the basis of false information. The setups are generally made to result in monetary gain for the deceivers, and generally result in unfair monetary losses for the investors. They are generally violating securities laws.
K2 Sports, LLC, known simply as K2, is an American sporting goods company headquartered in Seattle, Washington focused primarily on winter sports equipment. K2 operates under the labels K2 Snow and K2 Skates, as well as its subsidiaries Backcountry Access, Ride Snowboards, Tubbs Snowshoes, Atlas Snow-Shoe Company, LINE Skis, Full Tilt Boots, and Madshus brands. Famous users of K2 Skis include pro champion Spider Sabich, World Cup and Olympic champion Phil Mahre, and his twin brother Steve Mahre, World Champion and Olympic silver medalist.
Symbol Technologies, Inc., was an American manufacturer and supplier of mobile data capture and delivery equipment. The company specialized in barcode scanners, mobile computers, RFID systems and Wireless LAN infrastructure. In 2014, Symbol Technologies became a subsidiary of Zebra Technologies, and is headquartered in Holtsville, New York, on Long Island.
Andrew A. Wiederhorn is an American businessman from Portland, Oregon. He serves as the Chairman and Founder of FAT Brands Inc., a restaurant franchising company that owns 17 restaurant brands and franchises over 2,300 units worldwide. Previously, he served as CEO and President of FAT Brands from 2017 to 2023. Prior to FAT Brands, he founded and served as the Chairman and CEO of Fog Cutter Capital Group Inc., Wilshire Financial Services Group Inc. and Wilshire Credit Corporation, with a then net worth of $140 million.
Conair Corporation is an American company based in Stamford, Connecticut which sells small appliances, personal care products, and health and beauty products for both professionals and consumers.
Contaminated hemophilia blood products were a serious public health problem in the late 1970s up to 1985.
Robert Foster Winans is a former columnist for The Wall Street Journal who co-wrote the "Heard on the Street" column from 1982 to 1984 and was convicted of insider trading and mail fraud. He was indicted by then-U.S. Attorney Rudolph Giuliani and convicted in 1985 of violating Federal law by leaking advance word of the contents of his columns to a stockbroker, Peter N. Brant, at Kidder, Peabody & Co., an old-line brokerage firm. Brant was decades later labeled a recidivist by the U.S. Securities and Exchange Commission. Winans' conviction for violating securities law was affirmed by the U.S. Supreme Court in 1987 as Carpenter v. United States (1987) by a rare 4–4 deadlocked vote. However, the Supreme Court unanimously affirmed his convictions for committing federal mail and wire fraud. He served nine months in federal prison.
The Enron scandal was an accounting scandal involving Enron Corporation, an American energy company based in Houston, Texas. When news of widespread fraud within the company became public in October 2001, the company filed for bankruptcy and its accounting firm, Arthur Andersen—then one of the five largest audit and accountancy partnerships in the world—was effectively dissolved. In addition to being the largest bankruptcy reorganization in U.S. history at that time, Enron was cited as the biggest audit failure.
Oscar Sherman Wyatt Jr. is an American businessman and self made millionaire. He was the founder of Coastal Corporation and a decorated bomber pilot in World War II. In 2007 the U.S. federal court in Manhattan tried him for illegally sending payments to Iraq under the Oil-for-Food Program.
Accounting scandals are business scandals which arise from intentional manipulation of financial statements with the disclosure of financial misdeeds by trusted executives of corporations or governments. Such misdeeds typically involve complex methods for misusing or misdirecting funds, overstating revenues, understating expenses, overstating the value of corporate assets, or underreporting the existence of liabilities; these can be detected either manually, or by the means of deep learning. It involves an employee, account, or corporation itself and is misleading to investors and shareholders.
OneCoin is a fraudulent cryptocurrency scheme conducted by offshore companies OneCoin Ltd, based in Bulgaria and registered in Dubai, and OneLife Network Ltd, both founded by Ruja Ignatova in concert with Sebastian Greenwood. OneCoin is considered a Ponzi scheme due to its organisational structure of paying early investors using money obtained from newer ones. It was also a pyramid scheme due to the recruiting of investors without providing any actual product. The company maintained its own database of coins rather than using a blockchain and had no mining process which limited its ability to release and circulate coins. Many of the people central to OneCoin had been previously involved in similar schemes and business malpractice. OneCoin was described by The Times as "one of the biggest scams in history".
Mismarking in securities valuation takes place when the value that is assigned to securities does not reflect what the securities are actually worth, due to intentional fraudulent mispricing. Mismarking misleads investors and fund executives about how much the securities in a securities portfolio managed by a trader are worth, and thus misrepresents performance. When a trader engages in mismarking, it allows him to obtain a higher bonus from the financial firm for which he works, where his bonus is calculated by the performance of the securities portfolio that he is managing.
This page is based on this Wikipedia article Text is available under the CC BY-SA 4.0 license; additional terms may apply. Images, videos and audio are available under their respective licenses.
