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by Mike Caswell
Michael Kipp, the former chief financial officer of Toronto Stock Exchange Swisher Hygiene Inc., has asked a judge in North Carolina to put him in jail for no more than a year for his part in an accounting fraud at the company. He says that he has already suffered the loss of his career and has had to deplete his savings just to survive. Mr. Kipp further claims that he realized no financial gain from the scheme.
The request from Mr. Kipp, 63, comes about 10 months after he was convicted for a scheme in which he manipulated Swisher's earnings. The judge found 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. (All figures are in U.S. dollars.)
With his sentencing date approaching, Mr. Kipp has submitted what he sees as an appropriate jail term. In a memorandum filed on Tuesday, April 3, he has asked the judge for a term of no more than one year and a day. He points out that prior to his conviction, he had no criminal record. He also says that he did not profit from his offense nor did he lead an extravagant or lavish lifestyle.
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