Penthouse finally produces barely legal issue

Posted by Keith Hahn, May 11, 2007, 11:39am

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]

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Comments

Posted by anon, May 11, 2007 11:58AM

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

Posted by lover of the muff, May 11, 2007 6:20PM

Muffie ought to do a Penthouse spread...

Posted by , May 12, 2007 2:35AM

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

Posted by Hugh Jorgen, May 14, 2007 12:14PM

Thanks for finally posting that photo of bess...

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