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Securities Regulation Keyed to Coffee
Securities and Exchange Commission v. World-Wide Coin Investments, Ltd.
Facts
A corporation engaged in the retail and wholesale vending of precious metal, rare coins, and Coca-Cola collector items was World-Wide Coin Investments, Ltd. (World Wide)and they transacted sales at nationwide coin shows and at its office in Atlanta. The common stock of World-wide was registered with the SEC and up until 1981 was listed on the Boston Stock Exchange. When Hale took over control and management, mid-1979, World-wide had over $2 million in assets and had forty employees. A short time after, an independent auditor, Kanes, Benator, warned Hale that the internal accounting system at World-Wide was insufficient with regard to records and inventory but Hale ignored them. An accurate inventory was impossible to have because World-Wide employees were not required to write purchase orders and rare coins were never guarded. Consequently, the financial troubles that World-Wide experienced were as a result of problems caused by the absence of internal accounting controls. The SEC filed suit against World-Wide and Hale in August of 1981, claiming they violated the Securities Exchange Act of 1934.
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