Swisher ex Kipp seeks to avoid lengthy jail term

By Mike Caswell / April 06, 2018 / www.stockwatch.com / Article Link

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

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.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2018 Canjex Publishing Ltd. All rights reserved.

Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted.Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.

Recent News

Mixed outlook for gold as it remains range bound for past three months

June 30, 2025 / www.canadianminingreport.com

Gold stocks down on flat metal price

June 30, 2025 / www.canadianminingreport.com

Gold stocks down on metal decline

June 23, 2025 / www.canadianminingreport.com

Huge quantifiable rise in geopolitical, economic and trade risks

June 23, 2025 / www.canadianminingreport.com

Platinum clearly ahead of palladium for first time in seven years

June 16, 2025 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok