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SEC v. World-Wide Coin Investments, Ltd. | 567 F. Supp. 724 (1983)
The Securities and Exchange Commission, or SEC, enforces rules and laws that protect investors and maintain fairness in capital markets. Pursuant to that authority, the commission challenged one company’s system of accounting controls in the case SEC versus World-Wide Coin Investments.
World-Wide Coin Investments was a publicly traded company engaged in the business of selling rare coins and precious metals. One independent audit revealed deficiencies in World-Wide’s system of accounting controls. For example, World-Wide left its vault unguarded and open to be accessed by any of its employees. World-Wide also didn’t require employees to provide receipts for inventory they removed from the property. Another audit revealed that World-Wide’s records and books were inaccurate and incomplete. World-Wide’s auditors recommended that it employ a reliable system of accounting controls, but World-Wide ignored the auditors’ warnings. As a result of its practices, World-Wide experienced significant financial woes.
The Securities and Exchange Commission brought a fraud action against World-Wide. The commission alleged several violations, including a violation of the Foreign Corrupt Practices Act.
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