• 11 May 2007 at 11:39 AM
  • Magazines

Penthouse finally produces barely legal issue

By Keith Hahn

penthouse.jpg Penthouse International settled with the SEC yesterday, over charges of accounting fraud and financial reporting violations. Of course Penthouse settled without admitting any wrongdoing, like improperly booking a $1 million payment from a Web site management agreement as revenue or changing a quarterly loss to a net profit in the 2003 first quarter 10-Q. Penthouse would file for Chapter 11 later that year.
Former exec and shareholder Charles Samel and Jason Galanis agreed to pay $60k for allegedly using a fake e-signature of former CEO Bob Guccione to meet SarbOx requirements.
Penthouse settles accounting fraud case with SEC [Reuters]

Comments (4)

  1. 1
    Posted by anon | May 11, 2007 at 11:58 AM

    No glib puns or seedy innuendo? Keith, you feeling okay?

  2. 2
    Posted by lover of the muff | May 11, 2007 at 6:20 PM

    Muffie ought to do a Penthouse spread…

  3. 3
    Posted by Anonymous | May 12, 2007 at 2:35 AM

    I don’t know they even published Penthouse anymore. Must be a Street thing

  4. 4
    Posted by Hugh Jorgen | May 14, 2007 at 12:14 PM

    Thanks for finally posting that photo of bess…

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