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Cramer's TheStreet.com Charged With Accounting Fraud
Zero Hedge ^ | 12/18/2012 | Tyler Durden

Posted on 12/18/2012 2:06:11 PM PST by george76

wonder if CNBC will finally cancel the ludicrous Jim "truth" Cramer campaign once this news breaks. We doubt it -

...

SEC Charges Financial Media Company and Executives Involved in Accounting Fraud.

Washington, D.C., Dec. 18, 2012 — The Securities and Exchange Commission today charged a digital financial media company and three executives for their roles in an accounting fraud that artificially inflated company revenues and misstated operating income to investors.

...

The SEC alleges that TheStreet Inc., which operates the website TheStreet.com, filed false financial reports throughout 2008 by reporting revenue from fraudulent transactions at a subsidiary it had acquired the previous year. The co-presidents of the subsidiary – Gregg Alwine and David Barnett – entered into sham transactions with friendly counterparties that had little or no economic substance. They also fabricated and backdated contracts and other documents to facilitate the fraudulent accounting. Barnett is additionally charged with misleading TheStreet’s auditor to believe that the subsidiary had performed services to earn revenue on a specific transaction when in fact it did not perform the services. The SEC also alleges that TheStreet’s former chief financial officer Eric Ashman caused the company to report revenue before it had been earned.

The three executives agreed to pay financial penalties and accept officer-and-director bars to settle the SEC’s charges.

“Alwine and Barnett used crooked tactics, Ashman ignored basic accounting rules, and TheStreet failed to put controls in place to spot the wrongdoing,” said Andrew M. Calamari, Director of the SEC’s New York Regional Office. “The SEC will continue to root out accounting fraud and punish the executives responsible.”

(Excerpt) Read more at zerohedge.com ...


TOPICS: Business/Economy; Crime/Corruption; Editorial; Extended News; News/Current Events; US: Connecticut; US: District of Columbia; US: New Jersey; US: New York
KEYWORDS: accounting; accountingfraud; cnbc; corruption; cramer; crook; fraud; jimcramer; sec; thestreet

1 posted on 12/18/2012 2:06:18 PM PST by george76
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To: george76

Cramer is a fraud. Always has been.


2 posted on 12/18/2012 2:10:56 PM PST by tennmountainman
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To: george76

Doesn’t that loud mouthed clown have a history of fraud?


3 posted on 12/18/2012 2:12:07 PM PST by pgkdan (We are witnessing the modern sack of Rome. The barbarians have taken over.)
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To: tennmountainman

Plus, Cramer is a total Obama toady. While pretending he’s objective. His “Mad Money” is appropriately named, although people have failed to take it literally, as they should.


4 posted on 12/18/2012 2:14:49 PM PST by WashingtonSource
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To: pgkdan

Eliot Spitzer [ client number 9 ] and Jim Cramer were College roommates ?


5 posted on 12/18/2012 2:19:12 PM PST by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: WashingtonSource

Jim Cramer predicts that Bear Stearns will be fine, 11 March 2008.

http://www.youtube.com/watch?v=o3FVBKic5Ek&feature=player_detailpage


6 posted on 12/18/2012 2:23:57 PM PST by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: WashingtonSource
Cramer is a total Obama toady.

Along with most of the rest of the CNBC crew.

7 posted on 12/18/2012 2:25:49 PM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
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To: tennmountainman

Whether he is a fraud, he sucks all the air out of a room and really doesn’t say anything substantive. I liked cnbc in the morning but man has he ruined it.


8 posted on 12/18/2012 2:36:09 PM PST by Williams (No Obama)
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To: george76

Their was a time years ago I knew of someone in the financial biz, and they started calling all these shows “financial-porn”. They were unwilling to say it out loud, it was to crass, until a major mutual fund guru / house used the term to describe these types of shows...


9 posted on 12/18/2012 2:41:52 PM PST by taildragger (( Tighten the 5 point harness and brace for Impact Freepers, ya know it's coming..... ))
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To: tennmountainman

Barron’s, from time to time, publishes his track record of the calls he makes on his show. It is not good.

If he is such a marvelous trader, why isn’t he trading instead of running his mouth?


10 posted on 12/18/2012 2:58:41 PM PST by The_Media_never_lie (Actually, they lie when it suits them! The crooked MS media must be defeated any way it can be done!)
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To: george76

Boo yah


11 posted on 12/18/2012 3:05:35 PM PST by jersey117
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To: abb

Even Kudlow is backtracking on riding taxes. All hail the obamination


12 posted on 12/18/2012 3:07:23 PM PST by jersey117
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To: jersey117

Cramerica is crumbling.


13 posted on 12/18/2012 3:20:11 PM PST by BipolarBob (I survived the Lindsay Lohan Bar, Grill and Fight Club.)
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To: george76

Got on a plane with him to DC last week- he looked B.A.D.

Now we know why:)


14 posted on 12/18/2012 3:36:09 PM PST by 4buttons
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To: george76

Jimmy loved to post on yahoo chat bulletin board about his TSCM. If i recall correctly his nic was “creme dela creme”. He was always a good bet against. TSCM was a favor to bash as they bashed tech companies.


15 posted on 12/18/2012 3:44:21 PM PST by existentially_kuffer
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To: tennmountainman

Yes. He essentially ran a boiler room operation in New York. He has the truth and morals of Madonna.


16 posted on 12/18/2012 4:17:54 PM PST by Sam Gamgee (May God have mercy upon my enemies, because I won't. - Patton)
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To: Sam Gamgee

I thought he has had ethical problems in the past, but could not remember
what those ethical issues were. I think of him as a the used car salesman
of financials.


17 posted on 12/18/2012 4:24:18 PM PST by tennmountainman
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To: tennmountainman

His presence on Bloomberg essentially has caused me to take Bloomberg TV off my favorites list.


18 posted on 12/18/2012 4:28:20 PM PST by Sam Gamgee (May God have mercy upon my enemies, because I won't. - Patton)
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To: george76

I don’t think this is the first time he has been charged.


19 posted on 12/21/2012 5:11:42 PM PST by Coleus
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