Penthouse International Inc., one of its former officers and a shareholder are facing civil charges by the Securities and Exchange Commission related to allegations that the former Penthouse magazine publisher violated federal securities laws and improperly booked $1 million in revenue.
The SEC's complaint, filed in a New York District Court, alleges that Penthouse, now known as PHSL Worldwide Inc., former officer Charles Samel and shareholder Jason Galanis engaged in accounting fraud and financial reporting violations in connection with the company's Form 10-Q for the quarter ended March 31, 2003.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access