Swisher ex Kipp receives 4-1/2 years in jail
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by Mike Caswell
Swisher Hygiene Inc.'s former chief financial officer, Michael Kipp, has received 4-1/2 years in jail for an accounting fraud that led to the demise of the onetime Toronto Stock Exchange listing. He received the sentence in an appearance on Tuesday, April 10, before District Court Judge Max Cogburn in North Carolina. The judge also imposed two years of supervised release on Mr. Kipp.
The sentence stems from a scheme in which Mr. Kipp, 63, manipulated Swisher's earnings in 2011. He and others went through the company's books during three reporting periods that year, looking for ways to "scrub the numbers," as the judge previously put it. 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. (All figures are in U.S. dollars.) His efforts led to investor losses that prosecutors have calculated to be between $96-million and $400-million.
| WORDPRESS |
| Michael Kipp |
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