This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

New York accountant Glen Leibowitz, charged by the U.S. Securities and Exchange Commission for a scheme to fraudulently inflate the revenue of Canadian Securities Exchange listing Acreage Holdings Inc., denies that he did anything wrong. The SEC claims that Mr. Leibowitz helped to artificially boost Acreage's cash position by $4.1-million in 2019. (All figures are in U.S. dollars.) He was part of a scheme that involved transferring a large amount of money just ahead of the company's year-end and then lying to directors and an auditor, the SEC said.

The denials from Mr. Leibowitz are contained in an answer filed on Thursday, April 10, in federal court in New York. Mr. Leibowitz "denies that he engaged in any of the alleged violations, and he denies that the SEC is entitled to relief." He asks for a trial by jury.

Mr. Leibowitz's answer is 30 pages long, but much of it comprises a point-by-point denial of the SEC's allegations. He admits to some non-controversial items, such as the fact that he served as Acreage's chief financial officer. He also admits to the contents of many written documents. When it comes to the basis for the SEC's case -- the allegation of fraudulently inflating Acreage's revenue -- he denies that he did anything wrong.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS