Monday, October 25, 2010

W.B. Mason settles with AG, pays $545k - Boston Business Journal:

http://www.sn1wearltd.com/store/music/gunna-dee-hustler-by-nature-hosted-by-big-ryde/
The settlement with the Brockton, Mass.-basef company resolved allegations that its accounting practicess led to the mishandlingof business-customer credits and improper write-offss by W.B. Mason, according to Coakley’s office. In additiom to paying the state $545,000, of which $5,000 will pay for costsw associated withthe investigation, W.B. Mason is prohibited from engagingf in any accounting procesa that results in depriving customers of vali dcredits due. In a preparedx written statement, W.B. Mason said it "ixs pleased to have resolved this matter.
The credita referenced in the settlement were all issued prior to2004 and, accordinf to an independent national accounting firm, the majority of the credits were not valied and were never owed to the The Attorney General’s Office began investigatinhg W.B. Mason in 2008 after learningf that W.B. Mason used accounting processes and softwarre that routinely allowed for aginv credits to be removedfrom business-customeer accounts. W.B. Mason is overhauling its electronifc accounting systems to ensurwe that credits are no longer deleted fromcustomee accounts.

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