Hugging Face's logo

Datasets:
codewithdark
/
SEC-RPT-Panel

Tasks:
Tabular Classification
Text Classification
Modalities:
Document
Tabular
Text
Formats:
csv
Languages:
English
Size:
1K - 10K
Tags:
finance
accounting
sec-edgar
related-party-transactions
fraud-detection
Libraries:
Datasets
pandas
Polars
License:
Dataset card Data Studio Files
xet
 Community
1
SEC-RPT-Panel / raw /aaer /2012 /AAER-3370.txt
codewithdark's picture
codewithdark
Add files using upload-large-folder tool
767476a verified
Raw History Blame Contribute Delete
28.3 kB
SEC.gov | Larry Goldstone, Clarence Simmons, and Jane Starrett
!function(){var e=navigator.userAgent,a=document.documentElement,n=a.className;n=n.replace("no-js","js"),/iPad|iPhone|iPod/.test(e)&&!window.MSStream&&(n+=" ua-ios"),a.className=n}();
{"path":{"baseUrl":"\/","pathPrefix":"","currentPath":"node\/511981","currentPathIsAdmin":false,"isFront":false,"currentLanguage":"en"},"pluralDelimiter":"\u0003","suppressDeprecationErrors":true,"gtag":{"tagId":"","consentMode":false,"otherIds":[],"events":[],"additionalConfigInfo":[]},"ajaxPageState":{"libraries":"eJxdT0GOwzAI_JBdn_oei2DkeINNZLC22devlaZS2wtiBhhmcKNUTPo97jxyaXEH3GJpiZrFhQW38A4cMqgeYQGlV19JFTKpQ-kUmvQKXP7I0cO4tC2kPnbg2wVdFslM0SCHPMs3vsEPPD7J6hgOGdPCKJyoRxxqUuePHjLLAuzVjimenRJGSLW08NoBK9LUn6SHlrytVOlcpJShB63QLSpBx_WkOzHNePol4fRQo_qMPvQ36ZXsAmd99lMNr2t_GUR9n60EyX9a_wePd5ns","theme":"uswds_sec","theme_token":null},"ajaxTrustedUrl":[],"gtm":{"tagId":null,"settings":{"data_layer":"dataLayer","include_classes":false,"allowlist_classes":"","blocklist_classes":"","include_environment":false,"environment_id":"","environment_token":""},"tagIds":["GTM-TD3BKV"]},"data":{"extlink":{"extTarget":false,"extTargetAppendNewWindowDisplay":true,"extTargetAppendNewWindowLabel":"(opens in a new window)","extTargetNoOverride":false,"extNofollow":false,"extTitleNoOverride":false,"extNoreferrer":false,"extFollowNoOverride":false,"extClass":"0","extLabel":"(link is external)","extImgClass":false,"extSubdomains":true,"extExclude":".*\\.gov|http:\/\/www.xbrl.org\/utr\/2013-05-17\/utr.xml|http:\/\/www.xbrl.org\/dtr\/type\/numeric-2009-12-16.xsd|http:\/\/www.xbrl.org\/dtr\/type\/nonNumeric-2009-12-16.xsd|https:\/\/secir.secure.force.com\/ombudsman\/OMMSForm","extInclude":"","extCssExclude":".data-exempt","extCssInclude":"","extCssExplicit":"","extAlert":true,"extAlertText":"You are now leaving the SEC Website. The link you have selected is located on another server. Please click on the OK button below to proceed to the selected site. The SEC does not endorse this web site, its sponsor, or any of the policies, activities, products, or services offered on the site or by any advertiser on the site.","extHideIcons":false,"mailtoClass":"0","telClass":"","mailtoLabel":"(link sends email)","telLabel":"(link is a phone number)","extUseFontAwesome":false,"extIconPlacement":"append","extPreventOrphan":false,"extFaLinkClasses":"fa fa-external-link","extFaMailtoClasses":"fa fa-envelope-o","extAdditionalLinkClasses":"","extAdditionalMailtoClasses":"","extAdditionalTelClasses":"","extFaTelClasses":"fa fa-phone","allowedDomains":null,"extExcludeNoreferrer":""}},"field_group":{"html_element":{"mode":"default","context":"view","settings":{"classes":"rightrail-list","show_empty_fields":false,"id":"","element":"div","show_label":true,"label_element":"h2","label_element_classes":"","attributes":"","effect":"none","speed":"fast"}}},"user":{"uid":0,"permissionsHash":"e506dfd1572f94bd1f339f1a7483bfbded31d4a9d2bdfdca3fdbc235153380ee"}}
Skip to search field
Skip to main content
An official website of the United States government
Here’s how you know
Here’s how you know
Official websites use .gov
A .gov website belongs to an official government organization in the United States.
Secure .gov websites use HTTPS
A lock
( Lock A locked padlock )
or https:// means you’ve safely connected to the .gov website. Share sensitive information only on official, secure websites.
SEC homepage
Menu
Close
Search SEC.gov & EDGAR
Search
Search Filings
Search Filings
Full Text Search
Latest Filings
Mutual Fund Search
Variable Insurance Products Search
SIC Codes
CIK Lookup
Public Dissemination Service (PDS)
Search Assistance
Submit Filings
Submit Filings
EDGAR Filer Management Portal
EDGAR Filing Portal
Online Forms Management Portal
EDGAR Next
Forms Index
Filer Support & Resources
Data & Research
Data & Research
Data Library
Statistics & Data Visualizations
Structured Data
Investment Management Data
Open Data at the SEC
Rules, Enforcement, & Compliance
Rules & Regulations
Rulemaking Activity
Submit Public Comments
Staff Guidance
No-Action, Interpretive, and Exemptive Letters
Self-Regulatory Organization Rulemaking
Public Petitions for Rulemaking
Enforcement & Litigation
Litigation Releases
Administrative Proceedings
Administrative Law Judge Orders and Initial Decisions
Trading Suspensions
Distributions to Harmed Investors
Receiverships
Compliance
Examination Priorities
Risk Alerts
Compliance Outreach Program
Proposed Rules
What's New
Whistleblower Program
Featured Topics
Featured Topics
Crypto Task Force
Cybersecurity
Market Structure Analytics
Saving and Investing for Military Personnel
Saving and Investing for Teachers
SEC-CFTC Harmonization Initiative
Treasury Clearing Implementation
About
About
Mission
Commissioners
Divisions & Offices
Division & Office Directors
Advisory Committees
Budget & Performance
Reports & Publications
Commission Votes
Contact the SEC
Careers
Submit a Tip or Complaint
Newsroom
|
Investors
Small Businesses
Whistleblowers
Newsroom
|
Investors
Small Businesses
Whistleblowers
Search SEC.gov & EDGAR
Search
More in this Section
Enforcement & Litigation
Litigation Releases
Administrative Proceedings
Administrative Law Judge Orders and Initial Decisions
Trading Suspensions
Distributions to Harmed Investors
Receiverships
Electronic Filings in Administrative Proceedings (eFAP)
Rules of Practice
Applications for Reentry
Reports of Investigations
Whistleblower Program
Public Alert: Unregistered Soliciting Entities (PAUSE)
SEC Action Lookup - Individuals (SALI)
Enforcement Data Delivery Standards
Small Businesses
Appellate Briefs
Amicus / Friend of the Court Briefs
Enforcement & Litigation
Litigation Releases
Administrative Proceedings
Administrative Law Judge Orders and Initial Decisions
Trading Suspensions
Distributions to Harmed Investors
Receiverships
Electronic Filings in Administrative Proceedings (eFAP)
Rules of Practice
Applications for Reentry
Reports of Investigations
Whistleblower Program
Public Alert: Unregistered Soliciting Entities (PAUSE)
SEC Action Lookup - Individuals (SALI)
Enforcement Data Delivery Standards
Small Businesses
Appellate Briefs
Amicus / Friend of the Court Briefs
Home
Enforcement and Litigation
Litigation Releases
Larry Goldstone, Clarence Simmons, and Jane Starrett
Larry Goldstone, Clarence Simmons, and Jane Starrett
Litigation Release No. 22287/ March 13, 2012
Accounting and Auditing Enforcement Release No. 3370 / March 13, 2012
Securities and Exchange Commission v. Larry Goldstone, Clarence Simmons, and Jane Starrett, Case 1:12-cv-00257 (D.N.M.)
SEC Files Civil Injunctive Action Against Senior Management of Thornburg Mortgage, Inc. for Alleged Fraudulent Overstatement of Thornburg's Income
On March 13, 2012, the Securities and Exchange Commission filed securities fraud charges in the United States District Court for the District of New Mexico against Larry Goldstone, the former chief executive officer and president, Clarence Simmons, the former chief financial officer and senior executive vice-president, and Jane Starrett, the former chief accounting officer of Thornburg Mortgage, Inc. ("Thornburg"), currently TMST, Inc., for allegedly materially misrepresenting the financial condition and liquidity of Thornburg, formerly the country's second largest independent mortgage company. Goldstone, Simmons, and Starrett reside in Santa Fe, New Mexico.
The Complaint alleges that Thornburg, through Goldstone, Simmons, and Starrett, fraudulently overstated its quarterly income by more than $420 million in its 2007 annual report filed with the Commission. As a result, the Complaint alleges that Thornburg fraudulently reported a profit rather than a loss for the quarter. According to the Complaint, in the two weeks leading to the filing of its annual report, Thornburg received more than $300 million in margin calls from its lenders that severely drained its liquidity. The Complaint further alleges that, unable to meet its margin calls on a timely basis, Thornburg violated three of its lending agreements, and received a reservation of rights letter from one lender in which the lender reserved its right to declare Thornburg in default at any time. Accordingly, the Complaint alleges that in the days before Thornburg filed its annual report, the collateral it used for its lending agreements, adjustable rate mortgage ("ARM") securities, was subject to being seized and sold by its lenders. According to the Complaint, given the circumstances of Thornburg's liquidity crisis, circumstances that were misrepresented to, and concealed from, the company's auditor, Goldstone, Simmons, and Starrett each knew, or was reckless in not knowing, that Thornburg did not have the intent or ability to hold its ARM securities until maturity or until their value recovered in the market. The Complaint concludes that the individual defendants also knew, or were reckless in not knowing, that this meant Thornburg was required to recognize on its income statement approximately $428 million of losses associated with the company's ARM securities, and that the proper accounting treatment for these securities would have resulted in Thornburg reporting a loss rather than a profit for the quarter.
The Complaint claims that, based on this conduct, the defendants violated or aided and abetted the violation of, or in the case of Goldstone and Simmons are liable as control persons under Section 20(a) of the Securities Exchange Act of 1934 ("Exchange Act") for Thornburg's violation of, Section 17(a) of the Securities Act of 1933, and Sections 10(b), 13(a), 13(b)(2)(A), 13(b)(2)(B), and 13(b)(5) of the Exchange Act and Rules 10b-5, 12b-20, 13a-1, 13b2-1, and 13b2-2 thereunder. The Complaint also claims that Goldstone and Simmons violated Rule 13a-14 of the Exchange Act. As part of this action, the Commission seeks against each of the defendants an injunction against future violations of the provisions set forth above, officer and director bars, and third tier civil money penalties.
SEC Complaint
 
Resources
SEC Complaint
Return to top
SEC homepage
About the SEC
Budget & Performance
Careers
Commission Votes
Contact
Contracts
Transparency
Accessibility & Disability
Super Intelligence
FOIA
Inspector General
No FEAR Act Data
Ombuds
SEC Excess Personal Property Guidance
Websites
Investor.gov
Related Sites
USA.gov
Site Information
Plain Writing
Privacy & Security
Site Map
Stay connected. Sign up for email updates.
Your email address
Sign Up
X
Facebook
Instagram
RSS
YouTube
Email Updates