Professor Elam
Accounting & Investing Info for San Antonio A & M
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Category: Ethics
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Tuesday Oct 13 2020 Learn about the El Centro Fraud. El Centro was a City of San Antonio project to further develop portions of downtown San Antonio. The Deputy City Mgr was made the CEO. El Centro hired a 'book keeper without any background check. Read the disastrous results.
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Wed October 7 2020 The SEC issued a Wells Notice to GE this past Tuesday. A Wells Notice is an intent to investigate and gives the respondent a chance to defend past actions against such an investigation. As beat up as GE has been I would not consider a 6 or 7% decline as…
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Wed Sept 30 2020 Nikola share price jumps today despite CEO resignation. Gee do you suppose GM bought a large number of shares to boost the price and make their decision look better?
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Tuesday Sept 29 2020 J P Morgan admits 15 traders are guilty of spoofing. Over eight years, 15 traders at the biggest U.S. bank caused losses of more than $300 million to other participants in precious metals and Treasury markets, according to court filings on Tuesday. JPMorgan admitted responsibility for the traders’ actions. The Justice…
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Monday Sept 28 2020 The best received presentation I have done for professional accounting groups in San Antonio regards the Carlos Uresti Fraud involving Four Winds Logistics. He received 11 felony convictions for his involvements as well as a $6.3 M restitution requirement. As a State Senator he earned a retirement payment Now the second…
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Monday Sept 28 2020 Milton Trevor has a checkered past with varoius start ups. GM claims it did due diligence on its involvement but that does not appear to be the case. This story reminds me of Barry Minkow, another big promoter at an early age.
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Wed Sept 23 2020 What Does It Take to Get Kicked out of this Club anyway Wanda Sykes on the Catholic Priest Scandal JP Morgan Chase to pay one billion dollar fine. Spoofing consists of placing orders that will not be filled to convince the market of an upcoming move. But when not filled,…
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Wed Sept 23 2020 Former CEO Trevor Milton may have said way too much on the record. Read this article to understand the difference in a used car salesman puffing a previously owned model And how the SEC views statements about a public company made on the record. Hindenburg Research disputes claims made by…
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Tuesday Sept 22 2020 Nikola electric truck maker CEO resigns amid charges of misrrepresentation. https://www.aol.com/nikola-stock-collapses-ceo-trevor-083631613.html The stock, traded on the Nasdaq, tumbled by over 30% at Wall Street’s opening bell on Monday, but clawed back some of those losses in midday trading. Nikola is a competitor of industry leader Tesla (TSLA), which itself has…
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Tuesday Sept 15 2020 Federal Regulators wil reprimand CITI over its risk management system. CEO Michael Corbat will step down leaving tehjob to Jane Fraser. Corbat retires in February. We study risk management and governance in Audit 4311 and ACCT 5308. How is it that one of the four big banks could fail such an…
Professor Elam 