ENFORCEMENT PROCEEDINGS - In the Matter of Berdj J. Rassam, CPA

Wed. September 16, 2009; Posted: 05:58 PM

Sep 16, 2009 (SECURITIES AND EXCHANGE COMMISSION RELEASE/ContentWorks via COMTEX) -- PRGN | Quote | Chart | News | PowerRating -- On September 15, the Commission issued an order suspending Berdj J. Rassam, CPA, from appearing or practicing before the Commission as an accountant. The Commission suspended Rassam based upon a United States District Court's final judgment enjoining him from violating the antifraud and other provisions of the federal securities laws. [SEC v. Stephen P. Gardner, et al., Civil Action No. 04 CV 2002 (S.D. Cal., Sept. 14, 2009)]. The Commission's complaint in that action alleged, among other things, that Peregrine Systems, Inc. (Peregrine) and its senior officers fraudulently inflated the revenues Peregrine reported in its filings with the Commission and elsewhere. Peregrine improperly recorded millions of dollars of revenue based on non-binding arrangements with resellers. This ultimately caused uncollectible receivables from the non-binding arrangements to swell on Peregrine's balance sheet. The complaint further alleged that Peregrine's management, including Rassam, improperly wrote off the unpaid receivables by falsely characterizing the write-offs as unrelated acquisition costs. (See LR-18919) Rassam consented to the order, which was issued pursuant to Rule 102(e) of the Commission's Rules of Practice, without admitting or denying its findings, except as to the entry of the final judgment against him.

The final judgment of the federal court--on which the Commission's order pursuant to Rule 102(e) of the Commission's Rules of Practice is based--permanently enjoined Rassam from violating Section 17(a) of the Securities Act of 1933 (Securities Act), Sections 10(b) and 13(b)(5) of the Securities Exchange Act of 1934 (Exchange Act) and Exchange Act Rules 10b-5 and 13b2-1, and from aiding and abetting violations of Exchange Act Sections 13(a), 13(b)(2)(A) and 13(b)(2)(B), and Exchange Act Rules 12b-20, 13a-1 and 13a-13; and imposed a ten-year officer and director bar on Rassam. (Rel. 34-60676; AAE Rel-3051; File No. 3-13617)

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