Another company that scumbag "investment" notable Eric Watson had his grubby fingers in until recently is showing his telltale touch, this time a company based in Los Angeles.
Deloitte & Touche, which resigned as troubled clothing retailer American Apparel's auditor over the summer, told the company a couple of weeks ago that a report it conducted found that the retailer's management held onto the February results until after the filing of its 2009 financials.
American Apparel then said in a filing with the Securities and Exchange Commission - www.sec.gov - that it did not believe the February financials were withheld. The LA-based company's current auditor, Marcum, is performing a re-audit. American Apparel said it doesn't believe the re-audit will result in any changes to its 2009 financials, although it couldn't assure that this would hold true. Three years ago American Apparel's shares were trading at $15, the current price is $1.70.
It's all déjà vu for New Zealanders. We hope any Americans who come across this person in future do their research on him.
Update
The National Business Review reported yesterday that Eric Watson and his co-conspirator Mark Hotchin are on the Serious Fraud Office border alert list.
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