SEC Resolves Accounting Fraud Case Against Former Celadon Group Executives

William Eric Meek and Bobby Peavler were former executives at Celadon Group Inc. They reached an agreement with the Securities and Exchange Commission in regards to allegations of accounting fraud. The SEC accused Meek and Peavler of engaging in an illegal scheme to buy and resell trucks at inflated rates. The transactions were said to have been made to conceal Celadon’s failure to take impairment charges and write down truck net book values. Celadon, as a result of this, overstated the financial performance of its company in its annual report covering the period ending on June 30, 2016 and subsequent filings up to December 31, 2016. The SEC claimed that Meek and Peavler also provided false information regarding these transactions to auditors.

Meek and Peavler agreed to a judgment final without admitting or denigrating the allegations. They must pay $50,000 each in civil penalties and are prohibited from being an officer or director for a company public for three years. They also consented a permanent injunction to prevent them from aiding and abet future violations under securities laws or SEC rules. Peavler also agreed to an order against future violations of one rule. Meek and Peavler are also suspended from being accountants in front of the SEC. They can apply for reinstatement within three years.

Amy S. Cotter of the Chicago Regional Office supervised Jaclyn J. Janssen and Trevor Schumacher. Jonathan Polish, Jaclyn Jaclyn and Trevor Schumacher were responsible for the litigation.

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SEC: What You Need to Know

Securities and Exchange Commission is the regulatory agency of the United States that protects investors, maintains fair and efficient markets and facilitates capital formation. The Securities and Exchange Commission (SEC) was established in 1934. It enforces federal securities law, regulates securities industry and supervises various market participants including corporations, securities markets, brokers and investment advisors.

SEC’s primary mission is to provide accurate and reliable information to investors about companies and securities. It is required that all public companies provide relevant financial and non-financial information to the general public. This encourages transparency, and allows investors make informed decisions. The SEC works to prevent fraud in the securities markets by investigating and taking enforcement action against individuals or companies engaged in illegal activities.

SEC is also responsible for regulating the securities industry. It does this by setting standards and rules regarding the offerings of securities, trading practices and market operations. The SEC oversees the securities exchanges and ensures fair and orderly trading. It also monitors investment advisors and brokers to ensure compliance with regulation and protect investors’ interests.

The SEC has a vital role to play in maintaining investor trust and market integrity. It aims to promote fair and efficient markets by enforcing rules, promoting transparency and providing oversight. This will facilitate the flow and growth of investment capital.

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