POLITICS ELECTIONS AND ELECTION CAMPAIGNS: CANDIDATES : UNITED STATES: POLITICS: POLITICAL PARTIES: REPUBLICAN PARTY, TEA PARTY : INDUSTRIES: PETROLEUM : LIBERTARIANISM : RACISM : BIGOTRY : EXTREMISM : HATE GROUPS : INTOLERANCE : PRESIDENTIAL CANDIDATES: NAMED PRESIDENTIAL CANDIDATES: DONALD TRUMP : BLATANT FALSEHOODS: SERIAL LIARS : FRAUD : WAR ON WOMEN : POLLS : WAR ON MUSLIMS : WAR ON AFRICAN AMERICANS: Trump's Company Tricked Investors. Here's How

David P. Dillard
 

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POLITICS ELECTIONS AND ELECTION CAMPAIGNS: CANDIDATES :

UNITED STATES: POLITICS: POLITICAL PARTIES: REPUBLICAN PARTY, TEA PARTY :

INDUSTRIES: PETROLEUM :

LIBERTARIANISM :

RACISM :

BIGOTRY :

EXTREMISM :

HATE GROUPS :

INTOLERANCE :

PRESIDENTIAL CANDIDATES: NAMED PRESIDENTIAL CANDIDATES: DONALD TRUMP :

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FRAUD :

WAR ON WOMEN :

POLLS :

WAR ON MUSLIMS :

WAR ON AFRICAN AMERICANS:

Trump's Company Tricked Investors. Here's How

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Trump's Company Tricked Investors. Here's How

Matt Krantz,

USA TODAY

1:14 p.m. EDT June 24, 2016

http://www.usatoday.com/story/money/markets/2016/06/24/ trumps-company-tricked-investors-heres-how/86058802/

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A shorter URL for the above link:

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http://tinyurl.com/zxva3ab

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Donald Trump's claim of huge business success is a cornerstone of his presidential campaign. While his companies frequent trips to bankruptcy court are well known, there's another reason people might question his business acumen: One of his most high-profile companies was the first U.S. corporation to be accused of using "pro forma" accounting to exaggerate results and mislead investors.

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Trump Hotels & Casino Resorts, a once publicly traded company whose shares dropped more than 90% when the firm sought bankruptcy protection, was charged in 2002 by the Securities and Exchange Commission for reporting financial results in a way that made it appear the company was doing better than Wall Street analysts expected due to "operational improvements," the complaint said. But that was a "false and misleading impression" that initially fooled investors into driving the stock price higher, the SEC said.

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The case ushered in a series of changes that govern all publicly traded companies over how they must disclose any adjustments to so-called "pro forma" numbers. Using pro forma figures is a common practice where companies strip out any unusual non-recurring gains or losses, claiming its a way to show how the core business is actually doing. Companies that use such results are required to detail all of the adjustments that are made.

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snip

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The company's reported earnings of 63 cents a share topped expectations by 17%. Had the company excluded the one-time gain, profit would have missed expectations, the SEC said.

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Investors initially fell for the release. Shares of the stock jumped 8% on the day the release was issued, Oct. 25. However, several days later, Oct. 28, shares fell 6% after an analyst published a report that brought the misleading issue to light.

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"In this case, the method of presenting the pro forma numbers and the positive spin the Company put on them were materially misleading," said Stephen Cutler, the SEC's former director of enforcement, in a news release at the time.

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In addition to issuing a cease-and-desist order against the company, the SEC accused its CEO, chief financial officer and treasurer of violating anti-fraud rules by "knowingly or recklessly issuing a materially misleading press release." The company neither admitted nor denied guilt.

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The complete article may be read at the URL above.

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