IN THE MATTER OF BANKER & CO. AND JITENDRA S. BANKER
The SEC accused Banker & Co. and its principal Jitendra S. Banker of willfully violating Sarbanes-Oxley Act Section 102(a) by issuing audit reports for three public companies in 2004 without PCAOB registration, leading to administrative proceedings seeking their potential censure or permanent bar from practicing before the Commission.
The U.S. Securities and Exchange Commission (SEC) initiated administrative proceedings against Banker & Co. and Jitendra S. Banker for preparing and issuing audit reports on the financial statements of three public companies in 2004 without being registered with the Public Company Accounting Oversight Board (PCAOB), a requirement mandated by Section 102(a) of the Sarbanes-Oxley Act since October 22, 2003. The SEC alleged that this conduct constituted a willful violation and demonstrated a lack of qualification to practice before the Commission. Proceedings were brought under Section 4C of the Securities Exchange Act and Rule 102(e), seeking potential censure or permanent denial of the privilege to appear before the SEC, with no monetary penalties specified as the focus was on professional sanctions.
The U.S. Securities and Exchange Commission (SEC) filed an Order Instituting Administrative Proceedings against accounting firm Banker & Co. and its principal, Jitendra S. Banker, for violating Section 102(a) of the Sarbanes-Oxley Act of 2002. The violation stemmed from the firm’s preparation and issuance of audit reports on the financial statements of three public companies in 2004, despite not being registered with the Public Company Accounting Oversight Board (PCAOB), a legal requirement effective since October 22, 2003. The SEC alleged that this conduct was willful and rendered both the firm and individual unqualified to represent others before the Commission. Proceedings were initiated under Section 4C of the Securities Exchange Act and Rule 102(e) of the SEC’s Rules of Practice, targeting potential censure or permanent bar from practicing before the Commission. No financial misstatements or dollar amounts of fraud were alleged; the charges focused solely on regulatory noncompliance and professional qualification. A hearing before an administrative law judge was scheduled to determine the truth of the allegations and appropriate sanctions. The judge was directed to issue an initial decision no later than 300 days after service of the Order, allowing Banker & Co. and J. Banker the opportunity to contest the charges.
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- agency the united states securities and exchange commission
- The United States Securities and Exchange Commission announced the issuance an Order Instituting Administrative Proceedings Pursuant to Section 4C of the Securities Exchange Act of 1934 and Rule 102(e) of the Commission’s Rules of Practice (Order) against Banker & Co. and Jitendra S. Banker
- Banker & Co. prepared and issued audit reports on the financial statements of three public companies in 2004
- J. Banker participated in the preparation and issuance audit reports on the financial statements of three public companies in 2004
- Section 102(a) of the Sarbanes-Oxley Act of 2002 prohibits accounting firms not registered with the Public Company Accounting Oversight Board from preparing or issuing audit reports with respect to any issuer after October 22, 2003
- The Order alleges that Banker & Co. and J. Banker lacked the requisite qualifications to represent others
- Banker & Co. willfully violated Section 102(a) of the Sarbanes-Oxley Act
- The Order institutes proceedings against Banker & Co. and J. Banker pursuant to Section 4C(a)(1) of the Securities Exchange Act of 1934 (Exchange Act) and Rule 102(e)(1)(i) of the Commission’s Rules of Practice
- The Order institutes proceedings against Banker & Co. pursuant to Section 4C(a)(3) of the Exchange Act and Rule 102(e)(1)(iii) of the Commission’s Rules of Practice
- A hearing will be scheduled before an administrative law judge to determine whether the allegations in the Order are true
- The Order directs the Administrative Law Judge to issue an initial decision in this matter no later than 300 days from the date of service of the Order
U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. SECURITIES EXCHANGE ACT OF 1934 Release No. 56427 / September 13, 2007 ACCOUNTING AND AUDITING ENFORCEMENT Release No. 2707 / September 13, 2007 ADMINISTRATIVE PROCEEDING File No. 3-12788 IN THE MATTER OF BANKER & CO. AND JITENDRA S. BANKER The United States Securities and Exchange Commission (Commission) announced the issuance of an Order Instituting Administrative Proceedings Pursuant to Section 4C of the Securities Exchange Act of 1934 and Rule 102(e) of the Commission’s Rules of Practice (Order) against Banker & Co. and Jitendra S. Banker (J. Banker). The Order alleges that Banker & Co. prepared and issued and J. Banker participated in the preparation and issuance of audit reports on the financial statements of three public companies in 2004, without first registering with the Public Company Accounting Oversight Board (Board). Section 102(a) of the Sarbanes-Oxley Act of 2002 (Sarbanes- Oxley Act) prohibits accounting firms not registered with the Board from preparing or issuing audit reports with respect to any issuer after October 22, 2003. The Order alleges that, by this conduct, Banker & Co. and J. Banker lacked the requisite qualifications to represent others and that Banker & Co. willfully violated Section 102(a) of the Sarbanes- Oxley Act. Based on the above, the Order institutes proceedings against Banker & Co. and J. Banker pursuant to Section 4C(a)(1) of the Securities Exchange Act of 1934 (Exchange Act) and Rule 102(e)(1)(i) of the Commission’s Rules of Practice, and additionally as to Banker & Co., Section 4C(a)(3) of the Exchange Act and Rule 102(e)(1)(iii) of the Commission’s Rules of Practice, to determine whether the allegations in the Order are true, and whether they should be censured or temporarily or permanently denied the privilege of appearing or practicing before the Commission as an accountant. A hearing will be scheduled before an administrative law judge to determine whether the allegations in the Order are true, to provide Banker & Co. and J. Banker an opportunity to dispute these allegations, and to determine what sanctions, if any, are appropriate. The Order directs the Administrative Law Judge to issue an initial decision in this matter no later than 300 days from the date of service of the Order.
U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. SECURITIES EXCHANGE ACT OF 1934 Release No. 56427 / September 13, 2007 ACCOUNTING AND AUDITING ENFORCEMENT Release No. 2707 / September 13, 2007 ADMINISTRATIVE PROCEEDING File No. 3-12788 IN THE MATTER OF BANKER & CO. AND JITENDRA S. BANKER The United States Securities and Exchange Commission (Commission) announced the issuance of an Order Instituting Administrative Proceedings Pursuant to Section 4C of the Securities Exchange Act of 1934 and Rule 102(e) of the Commission’s Rules of Practice (Order) against Banker & Co. and Jitendra S. Banker (J. Banker). The Order alleges that Banker & Co. prepared and issued and J. Banker participated in the preparation and issuance of audit reports on the financial statements of three public companies in 2004, without first registering with the Public Company Accounting Oversight Board (Board). Section 102(a) of the Sarbanes-Oxley Act of 2002 (Sarbanes- Oxley Act) prohibits accounting firms not registered with the Board from preparing or issuing audit reports with respect to any issuer after October 22, 2003. The Order alleges that, by this conduct, Banker & Co. and J. Banker lacked the requisite qualifications to represent others and that Banker & Co. willfully violated Section 102(a) of the Sarbanes- Oxley Act. Based on the above, the Order institutes proceedings against Banker & Co. and J. Banker pursuant to Section 4C(a)(1) of the Securities Exchange Act of 1934 (Exchange Act) and Rule 102(e)(1)(i) of the Commission’s Rules of Practice, and additionally as to Banker & Co., Section 4C(a)(3) of the Exchange Act and Rule 102(e)(1)(iii) of the Commission’s Rules of Practice, to determine whether the allegations in the Order are true, and whether they should be censured or temporarily or permanently denied the privilege of appearing or practicing before the Commission as an accountant. A hearing will be scheduled before an administrative law judge to determine whether the allegations in the Order are true, to provide Banker & Co. and J. Banker an opportunity to dispute these allegations, and to determine what sanctions, if any, are appropriate. The Order directs the Administrative Law Judge to issue an initial decision in this matter no later than 300 days from the date of service of the Order.