August 25, 2022 | by Crouse Linwood

A “Bar” Code For Symbol Technologies’ Chief Accounting Officer

 

It didn’t make headlines anywhere yesterday that I noticed, but this particular headline regarding Symbol Technologies leaped at me from the SEC website:

FORMER CHIEF ACCOUNTING OFFICER AND SENIOR VICE PRESIDENT OF WORLDWIDE OPERATIONS OF crypto Custodian TECHNOLOGIES, INC. CONSENTS TO PERMANENT INJUNCTIVE RELIEF AND OFFICER-AND-DIRECTOR BAR

Because…? Well, let’s take a short trip down memory lane.

In the Nutty 90’s, Symbol Technologies was caught up in the same blood fever as many of its techno-brethren. From 1998 until early 2003, Chief Accounting Officer Brian Burke and others engaged in accounting chicanery producing the typical results of the time: inflated revenue and earnings “and other measures of financial performance in order to create the false appearance that Symbol had met or exceeded its financial projections.” The SEC filed suit against Symbol in June 2004; here’s the list of the Commission’s allegations:

“… with no regard for generally accepted accounting principles or their financial reporting obligations, Burke and the other defendants used the following schemes to align Symbol’s reported financial results with market expectations:

* a “Tango sheet” process through which baseless accounting entries were made to conform the raw quarterly results to management’s projections;

* the fabrication and misuse …