获刑430个月：这家公司CEO、CFO、SVP联手假账

什么是顶格处罚？

继民财经汇导读：

最近资本市场比较流行顶格处罚，

刚刚，美国资本市场也爆出了一起顶格处罚案件。

曾经有媒体报道说，美国资本市场对做假账的惩罚力度，远远高于对恐怖分子的惩罚力度。在安然、世界通信、泰科、Homestore 等著名财务丑闻中，这些公司的高管（主要是CEO 和CFO) 都被投入了监狱大牢，最高的获刑都是超过20年。

而刚刚，据美国联邦司法部的新闻通告，又一家美国纳斯达克上市公司的CFO 因为假账而被判有期徒刑 50个月，被遭罚款。

这家公司是美国德州的 Arthrocare Corporation, 医疗器械公司。为了迎合华尔街对季度业绩的期望， 通过其最大的经销商在季度末的时候进行压货，虚增销售收入；假账金额高达7.8亿美元。

现年59岁的该公司CFO Michael Gluk被判刑50个月；他同时充当污点证人，指控该公司CEO，以获得比较轻的处罚。在美国假账案例中， CFO 当污点证人指控CEO 的案例还不少，比如前面的安然案件，和 Homestore 案件；在造假账这个贸险活动中，看来，经常是CEO为领路人，CFO 是亲密的跟路人。所以，CFO 在选择职业东家的时候，一定首先要考察CEO 的人品；当然， CEO 在选择CFO 的时候，也是要看看双方是否属于志同道合的；所谓不是一家人，不进一家门。

不过，无论如何，作为有职业素养的CFO， 千万不可以有害人（尤其是害CEO 和公司利益）的动机。

本案中，CEO Michael Baker 于2017年11月3日 被判有期徒刑240个月； 另外两位高管SVP 由于共同参与造假，于2014年8月29日，分别被判刑80个月和60个月。

所以，该公司的CEO\CFO\SVP 总共累计被判刑430个月。

此外，该公司还遭遇SEC 调查和诉讼，最后被SEC 出具了禁止令并对公司治理方面进行整改。 

股东集体诉讼方面，该公司于2012年6月，同意赔偿股东损失7400万美元。

该公司的外部审计师普华永道，也因此遭遇牵连，2014年7月7日， PCAOB 对普华永道的前合伙人Randall A. Stone 就本次项目的2007年度审计失败做出处罚，罚款5万美元，三年禁止执业。不过，在股东对普华永道的集体诉讼中，最终法官驳回了原告的起诉。

看来，审计师有遇见了一个流氓管理层；而且不仅流氓，还是刑事犯罪分子；流氓+刑事犯罪，简直就是审计师的天敌。

上市公司管理层舞弊，再次将审计师卷入法律诉讼。为何公认审计准则在管理层舞弊面前是如此无力呢？审计程序到底是否应该检查出管理层的舞弊行为？在殖民银行诉讼案件中，普华永道的合伙人出庭作证时候指出：审计程序的设计并不是以检查出管理层的舞弊为目标； 然而，就这个问题，会计界、法律界和投资者有这不同的看法。具体到个案而言，只能是看法官的裁决。

从本案可以看出，在美国资本市场，有四个独立的监督力量： 司法部、SEC 、 PCAOB (针对审计师） 和股东集体诉讼。这四股监督力量是互相独立的，并不以其他任何一个为互设前提的。所以，在很多情况下，如果财务丑闻爆发，上市公司不的不同时面对数个调查和不同的诉讼。

而其中，对造假者而言，最为可怕的是，在美国上市，如果财务造假，绝对不是罚酒三一杯，而是不仅仅需要赔钱，还会坐牢的，而且这个判刑，可能比对恐怖分子的判刑还严重。

这才是，顶格处罚。

华尔街式的顶格处罚：对于造假者，不仅仅需要赔偿股东损失，更要直接将其送进大牢。

以下是美国司法部的最新通告：

Department of Justice

Office of Public Affairs

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FOR IMMEDIATE RELEASE

Friday, January 5, 2018

Former CFO of Arthrocare Corporation Sentenced to Prison for Role in $750 Million Securities Fraud Scheme

The former chief financial officer (CFO) of ArthroCare Corporation, a publicly traded medical device company based in Austin, Texas, was sentenced today to ­­50 months in prison for his role in orchestrating a fraud scheme that resulted in shareholder losses of over $750 million.

Acting Assistant Attorney General John P. Cronan of the Justice Department’s Criminal Division, U.S. Attorney John F. Bash of the Western District of Texas and Special Agent in Charge Christopher Combs of the FBI’s San Antonio Field office made the announcement.

Michael Gluk, 59, of Austin, was sentenced by U.S. District Court Judge Sam Sparks of the Western District of Texas, who also ordered Gluk to pay a $50,000 fine and to forfeit $677,804. 

On June 14, 2017, Gluk pleaded guilty to a superseding information charging him with one count of conspiracy to commit wire and securities fraud.  As part of his guilty plea, Gluk admitted that he conspired with others to falsely inflate ArthroCare’s sales and revenue through a series of end-of-quarter transactions involving ArthroCare’s distributors.  He further admitted that he and other co-conspirators caused ArthroCare to file a Form 10-K for 2007 and Form 10-Q for the first quarter of 2008 with the U.S. Securities and Exchange Commission (SEC) that materially misrepresented ArthroCare’s quarterly and annual sales, revenues, expenses and earnings.  As part of his plea, Gluk further admitted that he provided false testimony in proceedings before the SEC and in federal district court.

The fraud scheme at ArthroCare began in 2005 and continued until 2009.  Gluk admitted that he and his co-conspirators determined the type and amount of product to be shipped to distributors based on ArthroCare’s need to meet Wall Street analyst forecasts, rather than distributors’ actual orders.  Gluk and others then caused ArthroCare to “park” millions of dollars’ worth of ArthroCare’s medical devices at its distributors at the end of each relevant quarter.  ArthroCare reported these shipments as sales in its quarterly and annual filings at the time of the shipment, enabling the company to meet or exceed internal and external earnings forecasts.

ArthroCare’s distributors agreed to accept shipment of millions of dollars of products in exchange for special conditions, including substantial, upfront cash commissions, extended payment terms and the ability to return products, allowing ArthroCare to falsely inflate revenue by tens of millions of dollars, Gluk admitted.  Gluk admitted that he and his co-conspirators caused ArthroCare to acquire its largest distributor, DiscoCare, specifically to conceal from the investing public the nature and financial significance of ArthroCare’s relationship with DiscoCare. 

Gluk’s earlier conviction was overturned by the U.S. Court of Appeals for the Fifth Circuit.  Gluk subsequently pleaded guilty and cooperated against co-conspirator, Michael Baker, the former CEO of ArthroCare, who was convicted at trial on Aug. 18, 2017 of one count of conspiracy to commit wire fraud and securities fraud, seven counts of wire fraud, two counts of securities fraud and two counts of making false statements.  On Nov. 3, 2017, Baker was sentenced to 240 months in prison.

Co-conspirators David Applegate and John Raffle, both former senior vice presidents of ArthroCare, pleaded guilty to multiple felonies in 2013 in connection with their participation in the scheme.  On Aug. 29, 2014, Raffle was sentenced to 80 months in prison and Applegate was sentenced to 60 months in prison.

This case was investigated by the FBI’s San Antonio, Austin Resident Agency Office.  The case is being prosecuted by Securities and Financial Fraud Unit Chief Benjamin D. Singer, Assistant Chief Henry P. Van Dyck and Trial Attorney Caitlin Cottingham of the Criminal Division’s Fraud Section.