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The Commission suspended Stulac based upon a United States District Court's order 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 improperly wrote off unpaid receivables by falsely characterizing the write-offs as "acquisition costs and other." According to the Commission's complaint, Stulac knew, or was reckless in not knowing, that the receivables Peregrine intended to write off were unrelated to acquisitions and should not have been recorded as "acquisitions costs and other." The complaint also alleged that Stulac knew, or was reckless in not knowing, that Peregrine's 2001 financial statements improperly recognized millions of dollars of revenue from agreements with resellers. (See LR-18919) Stulac 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 Stulac from violating Section 10(b) of the Securities Exchange Act of 1934 (Exchange Act) and Exchange Act Rule 10b-5, and from aiding and abetting violations of Exchange Act Section 13(a) and Exchange Act Rules 13a-1 and 13a-13. (Rel. 34-60693; AAE Rel. 3054; File No. 3-13619) For full details on Paragon Shipping Inc (PRGN) click here. Paragon Shipping Inc (PRGN) has Short Term PowerRatings of 4. Details on Paragon Shipping Inc (PRGN) Short Term PowerRatings is available at This Link.
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