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SEC-RPT-Panel

 
 UNITED STATES OF AMERICA 
 before the 
 SECURITIES AND EXCHANGE COMMISSION 
SECURITIES EXCHANGE ACT OF 1934 
Release No.  66351 / February 7, 2012 
ACCOUNTING AND AUDITING ENFORCEMENT 
Release No. 3364 / February 7, 2012 
ADMINISTRATIVE PROCEEDING 
File No. 3-14752 
: 
: 
: 
In the Matter of : ORDER INSTITUTING ADMINISTRATIVE 
: PROCEEDINGS PURSUANT TO RULE 
MATTHEW BELL, ACA, : 102(e) OF THE COMMISSION’S RULES OF 
: PRACTICE, MAKING FINDINGS, AND 
Respondent. : IMPOSING REMEDIAL SANCTIONS 
: 
: 
____________________________________ : 
I. 
The Securities and Exchange Commission (“Commission”) deems it appropriate and in the 
public interest that public administrative proceedings be, and hereby are, instituted against 
Matthew Bell (“Respondent” or “Bell”) pursuant to Rule 102(e)(3)(i) of the Commission’s Rules 
of Practice.
1 
II. 
In anticipation of the institution of these proceedings, Respondent has submitted an Offer 
of Settlement (the “Offer”) which the Commission has determined to accept.  Solely for the 
1 Rule 102(e)(3)(i) provides, in relevant part, that: 
The Commission, with due regard to the public interest and without preliminary hearing, may, by order, . . . 
suspend from appearing or practicing before it any . . . accountant . . . who has been by name . . . permanently 
enjoined by any court of competent jurisdiction, by reason of his or her misconduct in an action brought by the 
Commission, from violating or aiding and abetting the violation of any provision of the Federal securities laws or of 
the rules and regulations thereunder. 
 
purpose of these proceedings and any other proceedings brought by or on behalf of the 
Commission, or to which the Commission is a party, and without admitting or denying the findings 
herein, except as to the Commission’s jurisdiction over him and the subject matter of these 
proceedings, and the findings contained in Section III.3 below, which are admitted, Respondent 
consents to the entry of this Order Instituting Administrative Proceedings Pursuant to Rule 102(e) 
of the Commission’s Rules of Practice, Making Findings, and Imposing Remedial Sanctions 
(“Order”), as set forth below.   
III. 
On the basis of this Order and Respondent’s Offer, the Commission finds that: 
1. Symmetry Medical, Inc. (“Symmetry”), is a Delaware corporation 
headquartered in Warsaw, Indiana.  A manufacturer of medical implants and instruments as well 
as aerospace industry products, Symmetry’s subsidiaries include Symmetry Medical Sheffield 
LTD, f/k/a Thornton Precision Components, Limited (“TPC”).  Since 2003, TPC’s financial data 
has been consolidated into Symmetry’s financial statements filed with the Commission.  Since 
December 2004, Symmetry’s common stock has been registered with the Commission pursuant to 
Section 12(b) of the Exchange act and listed on the New York Stock Exchange.   
2. Bell, age 52 and a citizen of the United Kingdom, was employed as TPC’s 
Financial Director from 2002 to February 2007, when he resigned.  Bell also served as Financial 
Director of Symmetry’s European operations from June 2003 to 2007.  Bell returned to TPC on a 
periodic basis through June 2007 to assist with TPC’s financial close process.  Bell is a UK 
Chartered Accountant.  In September 2010, the Institute of Chartered Accountants of England and 
Wales (ICAEW) excluded Bell from the ICAEW, with the right to apply for reinstatement after 
one year. The exclusion order was entered after a hearing on Bell’s role with respect to the 
accounting irregularities at TPC. 
3. On February 1, 2012, a final judgment was entered by consent against Bell, 
permanently enjoining him from future violations of Section 17(a) of the Securities Act of 1933 
and Sections 10(b) and 13(b)(5) of the Securities Exchange Act of 1934 (“Exchange Act”) and 
Rules 10b-5, 13b2-1 and 13b2-2 thereunder, and from aiding and abetting violations of Sections 
13(a), 13(b)(2)(A) and 13(b)(2)(B) of the Exchange Act and Rules 12b-20, 13a-1 and 13a-13, in 
the civil action styled, Securities and Exchange Commission v. Matthew Bell, et al. (“SEC v. 
Bell”) (Civil Action No. 3:12cv60), in the United States District Court for the Northern District of 
Indiana. 
4. The Commission’s complaint in SEC v. Bell alleged, among other things, 
that as the Financial Director of TPC, Bell was responsible for reporting TPC’s financial 
accounts to Symmetry for inclusion in Symmetry’s consolidated financial statements; that 
shortly after becoming TPC’s Financial Director, Bell learned that TPC was manipulating its 
financial accounts; that, after initially objecting to these manipulations, Bell participated directly 
in, and in some cases, augmented them; that these manipulations included pre-booking sales 
revenues, booking fictitious sales revenues, engaging in sales-buyback arrangements, 
understating cost of revenues and creating fictitious work-in-process inventories, and overstating 
2
 
amounts for capitalized tool and die; that Bell knew (i) that the foregoing manipulations did not 
conform to US Generally Accepted Accounting Principles, (i) that the foregoing manipulations 
materially impacted TPC’s financial statements, (iii) that TPC’s financial statements were 
consolidated into Symmetry’s financial statements and (iv) that Symmetry was a US publicly 
traded company; that Bell made serial misrepresentations to Symmetry’s top management as 
well as its internal and external auditors concerning the foregoing manipulations; and that, 
notwithstanding all of the foregoing, Bell repeatedly and falsely attested in writing to the 
accuracy of TPC’s financial statements.  The complaint further alleged that during the period of 
the foregoing manipulations, Bell sold Symmetry securities for illegal profits totaling $22,409 
and also received bonuses totaling $113,801. 
IV. 
In view of the foregoing, the Commission deems it appropriate and in the public interest to 
impose the sanction agreed to in Respondent Bell’s Offer. 
Accordingly, it is hereby ORDERED, effective immediately, that Bell is suspended from 
appearing or practicing before the Commission as an accountant.   
 By the Commission.
       E l i z a b e t h M . M u r p h y
       S e c r e t a r y 
3







































	UNITED STATES OF AMERICA
	before the
	SECURITIES AND EXCHANGE COMMISSION
	SECURITIES EXCHANGE ACT OF 1934
	Release No. 66351 / February 7, 2012
	ACCOUNTING AND AUDITING ENFORCEMENT
	Release No. 3364 / February 7, 2012
	ADMINISTRATIVE PROCEEDING
	File No. 3-14752
	:
	:
	:
	In the Matter of : ORDER INSTITUTING ADMINISTRATIVE
	: PROCEEDINGS PURSUANT TO RULE
	MATTHEW BELL, ACA, : 102(e) OF THE COMMISSION’S RULES OF
	: PRACTICE, MAKING FINDINGS, AND
	Respondent. : IMPOSING REMEDIAL SANCTIONS
	:
	:
	____________________________________ :
	I.
	The Securities and Exchange Commission (“Commission”) deems it appropriate and in the
	public interest that public administrative proceedings be, and hereby are, instituted against
	Matthew Bell (“Respondent” or “Bell”) pursuant to Rule 102(e)(3)(i) of the Commission’s Rules
	of Practice.
	1
	II.
	In anticipation of the institution of these proceedings, Respondent has submitted an Offer
	of Settlement (the “Offer”) which the Commission has determined to accept. Solely for the
	1 Rule 102(e)(3)(i) provides, in relevant part, that:
	The Commission, with due regard to the public interest and without preliminary hearing, may, by order, . . .
	suspend from appearing or practicing before it any . . . accountant . . . who has been by name . . . permanently
	enjoined by any court of competent jurisdiction, by reason of his or her misconduct in an action brought by the
	Commission, from violating or aiding and abetting the violation of any provision of the Federal securities laws or of
	the rules and regulations thereunder.



















	purpose of these proceedings and any other proceedings brought by or on behalf of the
	Commission, or to which the Commission is a party, and without admitting or denying the findings
	herein, except as to the Commission’s jurisdiction over him and the subject matter of these
	proceedings, and the findings contained in Section III.3 below, which are admitted, Respondent
	consents to the entry of this Order Instituting Administrative Proceedings Pursuant to Rule 102(e)
	of the Commission’s Rules of Practice, Making Findings, and Imposing Remedial Sanctions
	(“Order”), as set forth below.
	III.
	On the basis of this Order and Respondent’s Offer, the Commission finds that:
	1. Symmetry Medical, Inc. (“Symmetry”), is a Delaware corporation
	headquartered in Warsaw, Indiana. A manufacturer of medical implants and instruments as well
	as aerospace industry products, Symmetry’s subsidiaries include Symmetry Medical Sheffield
	LTD, f/k/a Thornton Precision Components, Limited (“TPC”). Since 2003, TPC’s financial data
	has been consolidated into Symmetry’s financial statements filed with the Commission. Since
	December 2004, Symmetry’s common stock has been registered with the Commission pursuant to
	Section 12(b) of the Exchange act and listed on the New York Stock Exchange.
	2. Bell, age 52 and a citizen of the United Kingdom, was employed as TPC’s
	Financial Director from 2002 to February 2007, when he resigned. Bell also served as Financial
	Director of Symmetry’s European operations from June 2003 to 2007. Bell returned to TPC on a
	periodic basis through June 2007 to assist with TPC’s financial close process. Bell is a UK
	Chartered Accountant. In September 2010, the Institute of Chartered Accountants of England and
	Wales (ICAEW) excluded Bell from the ICAEW, with the right to apply for reinstatement after
	one year. The exclusion order was entered after a hearing on Bell’s role with respect to the
	accounting irregularities at TPC.
	3. On February 1, 2012, a final judgment was entered by consent against Bell,
	permanently enjoining him from future violations of Section 17(a) of the Securities Act of 1933
	and Sections 10(b) and 13(b)(5) of the Securities Exchange Act of 1934 (“Exchange Act”) and
	Rules 10b-5, 13b2-1 and 13b2-2 thereunder, and from aiding and abetting violations of Sections
	13(a), 13(b)(2)(A) and 13(b)(2)(B) of the Exchange Act and Rules 12b-20, 13a-1 and 13a-13, in
	the civil action styled, Securities and Exchange Commission v. Matthew Bell, et al. (“SEC v.
	Bell”) (Civil Action No. 3:12cv60), in the United States District Court for the Northern District of
	Indiana.
	4. The Commission’s complaint in SEC v. Bell alleged, among other things,
	that as the Financial Director of TPC, Bell was responsible for reporting TPC’s financial
	accounts to Symmetry for inclusion in Symmetry’s consolidated financial statements; that
	shortly after becoming TPC’s Financial Director, Bell learned that TPC was manipulating its
	financial accounts; that, after initially objecting to these manipulations, Bell participated directly
	in, and in some cases, augmented them; that these manipulations included pre-booking sales
	revenues, booking fictitious sales revenues, engaging in sales-buyback arrangements,
	understating cost of revenues and creating fictitious work-in-process inventories, and overstating
	2















	amounts for capitalized tool and die; that Bell knew (i) that the foregoing manipulations did not
	conform to US Generally Accepted Accounting Principles, (i) that the foregoing manipulations
	materially impacted TPC’s financial statements, (iii) that TPC’s financial statements were
	consolidated into Symmetry’s financial statements and (iv) that Symmetry was a US publicly
	traded company; that Bell made serial misrepresentations to Symmetry’s top management as
	well as its internal and external auditors concerning the foregoing manipulations; and that,
	notwithstanding all of the foregoing, Bell repeatedly and falsely attested in writing to the
	accuracy of TPC’s financial statements. The complaint further alleged that during the period of
	the foregoing manipulations, Bell sold Symmetry securities for illegal profits totaling $22,409
	and also received bonuses totaling $113,801.
	IV.
	In view of the foregoing, the Commission deems it appropriate and in the public interest to
	impose the sanction agreed to in Respondent Bell’s Offer.
	Accordingly, it is hereby ORDERED, effective immediately, that Bell is suspended from
	appearing or practicing before the Commission as an accountant.
	By the Commission.
	E l i z a b e t h M . M u r p h y
	S e c r e t a r y
	3