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Just like you never want to hear a doctor say "oops" in the operating room, you never want to see a going-concern statement
in a financial report about a company you own. Accountants throw these in when they've been over the books, talked to customers,
and checked the horoscopes and have concluded there is "substantial doubt" about a company's ability to remain in business.
In short, don't blame the accountants if the company files for bankruptcy protection.
You¿d reckon that a going-concern
statement would be enough to send investors running to the exits, but it's not. True, many large institutions automatically
bail when an existing company gets slapped with one of these, but many individuals (often wrongly) take a chance they know
more than the bean counters.
During the tech boom of the late 1990s, many companies actually went public even though they had been hit with going-concern statements. Many of those companies subsequently disappeared. Enough said.
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Thursday, June 26, 2008
New York Woman Sentenced to 132 Months in Prison for Her Conviction in Long Island 'Slave' Case
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BROOKLYN, N.Y., June 26, 2008 /PRNewswire-USNewswire via COMTEX/ ----Two Housekeepers Kept in a Condition of Forced Labor and Servitude
Varsha Sabhnani was sentenced today to 132 months in prison based on her conviction after trial of forced labor, peonage, harboring aliens, document servitude and related conspiracy charges, U.S. Attorney for the Eastern District of New York Benton J. Campbell announced today. The proceeding was held before U.S. District Court Judge Arthur D. Spatt at the U.S. Courthouse in Central Islip, N.Y.
The defendant and her husband, Mahender Sabhnani, owners of a lucrative world-wide perfume manufacturing and distribution business, were arrested on May 14, 2007, following an investigation by U.S. Immigration and Customs Enforcement (ICE), the Nassau County Police Department and the Old Brookville Police Department. The investigation began after one of the victims was found in a Dunkin' Donuts store in Syosset, N.Y., wearing rags and with open wounds behind her ears. Subsequently, during the execution of a search warrant at the defendants' residence in Muttontown, N.Y., a second victim was found hiding in a closet under the basement stairs.
During the eight week trial, held between Oct. 22, 2007 and Dec. 17, 2007, the jury heard testimony that the defendants brought the two victims, who did not speak English and had limited education, from Indonesia to the United States to work as domestic servants; confiscated their passports, visas and other identification documents and kept the victims in a state of servitude in the defendants' home for several years where they were forced to labor up to 20 hours a day. Varsha Sabhnani physically and psychologically abused both victims by beating, stabbing, scalding, cutting, starving them, depriving them of sleep, preventing contact with family members, and threatening to have the victims and their family members jailed. Following two days of deliberations, the jury convicted Varsha Sabhnani and her husband of all counts in the indictment.
"Human trafficking is a global problem that offends basic human rights and human dignity," said U.S. Attorney Benton J. Campbell. "It is shocking that crimes like these could occur in one of our communities in the 21st century." U.S. Attorney Campbell expressed his grateful appreciation to the Old Brookville Police Department; Catholic Charities of the Diocese of Rockville Centre, N.Y.; and the Sisters of Saint Dominic in Amityville, N.Y., for their assistance.
"The trafficking of human beings is an unconscionable crime that uses the promise of America to lure individuals into forced servitude. These acts expose victims to terrible physical, mental and even sexual abuse," said Julie L. Myers, Department of Homeland Security Assistant Secretary for ICE. "ICE will use all of its authority and work closely with local law enforcement and prosecutors to make certain that victims of trafficking are found, rescued and given justice."
"On behalf of the Nassau County Police Department, we are pleased with the successful prosecution of this case," said Commissioner Lawrence W. Mulvey. "The reprehensible and egregious acts of this defendant against two innocent victims has certainly touched our community and brought to light the deplorable conditions and the inhumane treatment associated with human trafficking. The law enforcement community will continue its collective efforts to apprehend those who engage in this unlawful conduct."
The case was investigated and prosecuted by the Long Island Regional Human Trafficking Task Force, whose participants include ICE, FBI, the U.S. Department of Labor, the New York State Department of Labor, the Nassau County Police Department, the Nassau County District Attorney, the Suffolk County Police Department, Catholic Charities and Safe Horizon.
Mahender Sabhnani is scheduled to be sentenced on June 27, 2008.
This case was prosecuted by Assistant U.S. Attorneys Demetri M. Jones and Mark J. Lesko, assisted by Paralegal Specialist Glenda Abelman.
SOURCE U.S. Department of Justice
http://www.USDOJ.gov
Copyright (C) 2008 PR Newswire. All rights reserved
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