Rindner and mark wovsaniker john michael kelly cpa

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are John Michael Kelly, Steven E. Rindner, and Mark Wovsaniker. John Michael Kelly, CPA was the Chief Financial Officer for AOL Time Warner. Steven E. Rindner was the Business Affairs Unit Senior Executive. Mark Wovansiker, CPA was the head of the Accounting Policies and “oversaw and executed transactions” (Practical Accountant). Mr. Kelly and Mr. Wovansiker were charged for using deceitful transactions to hide from the companies external auditors. SEC filed a suit against MR. Kelly, Mr. Rindner, Mr. Wovsaniker, and Mr. Ripp. Kelly was ordered to “pay disgorgement of $200,000 and a civil penalty of $60,000” and Ripp had to “pay disgorgement of $130,000 and a civil penalty of $20,000, while Rindner and Wovsaniker “remain defendants in the commission’s action” (SEC vs. Kelly, Rindner, Wovsaniker, and Ripp).
As gray as this case may seem, misstating revenue is still fraud. Despite AOL Time Warner from having this huge legal dilemma, companies still widely use these accounting tricks to appear as if they have more revenue. In 2009, AOL announces it will split from Time Warner (steel). In the end theses to companies were better off independently.
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