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by Mike Caswell
Prosecutors in North Carolina have asked for a 12-year jail term for Michael Kipp, the architect of an accounting fraud that led to the demise of Swisher Hygiene Inc., a onetime Toronto Stock Exchange listing. They say that his actions caused at least $96-million in investor losses. (All figures are in U.S. dollars.) As prosecutors see things, crimes such as his are so difficult to detect that the judge should impose a substantial jail term, in effect making an example of Mr. Kipp.
The request from prosecutors comes as Mr. Kipp, 63, awaits sentencing for a scheme to manipulate Swisher's earnings in 2011. The judge convicted him for the fraud on June 20, 2017, finding that he and a co-accused went through the company's books through three reporting periods in 2011, looking for ways to "scrub the numbers." They were attempting to have the company meet predetermined earnings targets. Had the company met those targets, Mr. Kipp would have been in line for an $88,000 bonus.
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