Accounting Case Study

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Accounting Case Study

This involves a case of court approving the designation of a Distribution Agent by the US District Judge Paul L Friedman of Columbia to make payment to claimants out of a distribution fund , due to an alleged fraudulent scheme to promote , distribute , and sell stock of Pay Pop , Inc , a now-defunct British Columbia-based telecommunications company

This will show how companies , which committed fraudulent scheme about the promotion , distribution , or sale of stock of another company

br become liable to those who became victims or the fraud . Thus , on May 1 2006 , Judge Friedman entered an approving Richard Weissman as the Distribution Agent to distribute funds as paid by defendants CIBC Mellon Trust Co , Desjardins , Nevett , and Soloski that were all subject to United States Securities and Exchange Commission (SEC ) enforcement actions in relation to the fraudulent scheme . The court also specifies the process for the distribution of funds paid to the Court in actions involving the said defendants on the bases of allegations of fraudulent scheme to promote , distribute , and sell stock of Pay Pop Inc

The same limits the eligible claimants for filing claims with the Distribution Agent to purchasers of Pay Pop shares for the period covering July 1998 to September 1999 . Eligible claimants should review the memorandum from Richard Weissman as Distribution agent , which contain an explanation of Claim Procedure as ed by court and the Notice of Last Day...