Ex-Barrett Business Services CFO faces accounting fraud charges as company pays $1.5M fine
Posted on Thursday September 20, 2018

The Securities and Exchange Commission has charged a former CFO with accounting fraud, to the tune of tens of millions of dollars, and fined the company $1.5 million. James D. Miller had a role in a scheme involving BBSI’s workers’ compensation expenses, according to the SEC. At the same time, Mark Cannon, the company's former controller, was charged with accounting fraud "for his role in improperly approving certain of the CFO’s accounting entries." BBSI's CEO Michael Elich reimbursed the company for $20,800 in bonuses he received during the period of the alleged violations, the SEC said in its release.

Barrett Business Services settles accounting fraud charges: SEC
Posted on Thursday September 20, 2018

The U.S. Securities and Exchange Commission said on Thursday that Barrett Business Services Inc (BBSI.O) and the company's former controller, Mark Cannon, have agreed to settle civil charges of accounting fraud involving workers' compensation. Criminal charges were filed against the company's former chief financial officer, James Miller, by the U.S. Attorney's Office for the Western District of Washington, the SEC said in a statement.

Former CFO hit with criminal, civil charges for underreporting expenses
Posted on Thursday September 20, 2018

The former chief financial officer of Barrett Business Services Inc. was indicted in connection with his false certifications of the company's periodic filings with the U.S. Securities and Exchange Commission, according to the U.S. Attorney’s Office for the Western District of Washington. James Miller was fired in 2016 when he disclosed to the company that he had falsified entries in the company's books to improperly report workers' compensation expenses as payroll taxes and fees, resulting in underreporting approximately $12 million in workman's compensation expenses in 2013. At the same time, he exercised stock options that he sold for more than $2.4 million, the U.S. Attorney said. The SEC also brought charges against Miller, and settled charges against the company, which agreed to pay a $1.5 million penalty, and its former controller, Mark Cannon, who agreed to pay a $20,000 fine and be suspended as an accountant. Further, CEO Michael Elich, who was not charged by the SEC, has reimbursed the company for $20,800 in cash bonuses he received during the period of the alleged accounting violations.

Have Investors Priced In Service Growth For Barrett Business Services Inc (NASDAQ:BBSI)?
Posted on Thursday August 30, 2018

Barrett Business Services Inc (NASDAQ:BBSI), a US$560.2m small-cap, is a professional services company operating in an industry, whose performance is driven by other sectors including construction, financial and mining, makingRead More...