Latest news with #Sarbanes-Oxley
Yahoo
3 days ago
- Business
- Yahoo
Michael Saylor Calls Proof Of Reserves A 'Crypto Parlor Trick', But Binance's Ex-CEO CZ Isn't Having It: 'He Probably Sold Bitcoins'
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Strategy Inc. (NASDAQ:MSTR) co-founder Michael Saylor on Tuesday sharply criticized the practice of publishing proof of reserves, calling it a security liability and a distraction from what truly matters, audited financials and institutional-grade transparency. What Happened: His comments, made in a public address, dismissed proof of reserves as a "crypto parlor trick" that offers no real protection and exposes companies to significant risk. "It's like publishing the addresses and bank accounts of all your kids," said Saylor. "It doesn't make your family safer." Trending: — no wallets, just price speculation and free paper trading to practice different strategies. He warned that making wallet addresses public opens an attack surface for hackers, nation-state actors, and other malicious entities. "You publish your wallet, that's an attack vector," he added. Saylor's central critique is that most current proof-of-reserve disclosures are incomplete and misleading. "It's a proof of assets that is insecure and not a proof of liabilities," he said. "If you've incurred $50 billion in liabilities via fiat contracts, the security's no good." He argued that the only acceptable standard for true financial attestation is the U.S. public company model: "a public company with a Big Four auditor, subject to Sarbanes-Oxley, where the CFO, CEO, and board are civilly and criminally liable." According to Saylor, this institutional accountability far outweighs wallet-based proof systems in the eyes of serious It Matters: While his critique resonated with some, it didn't land quietly. Binance founder Changpeng Zhao (CZ) apparently responded on social media with a mocking jab, "He probably sold bitcoins. 😂" CZ's tweet quickly went viral, pointing out the divide between corporate-style governance advocated by figures like Saylor and the transparency-first ethos favored by many in the crypto-native world. Saylor did leave room for future innovation, suggesting that a zero-knowledge proof-based system might eventually offer a secure compromise — but only if cleared by auditors, risk managers, custodians, and legal counsel. Until then, he cautioned, proof of reserves should not be mistaken for institutional-grade assurance. "People give too much credence to it," he said. "It isn't God's gift." Strategy currently holds 568,840 BTC, accumulated at a combined cost of $39.41 billion and an average purchase price of $69,287. In a recent filing with the SEC, Strategy disclosed a 15.5% Bitcoin yield year-to-date, signaling the performance of its BTC holdings against cost basis amid continued price appreciation. Strategy's ATM program remains sizable, with over $40 billion in authorized securities, both common and preferred, still available for issuance. The company's approach continues to treat Bitcoin as its core treasury reserve, executed through traditional capital markets structures. Read Next: New to crypto? Get up to $400 in rewards for successfully completing short educational courses and making your first qualifying trade on Coinbase. A must-have for all crypto enthusiasts: Sign up for the Gemini Credit Card today and earn rewards on Bitcoin Ether, or 60+ other tokens, with every purchase. Send To MSN: Send to MSN This article Michael Saylor Calls Proof Of Reserves A 'Crypto Parlor Trick', But Binance's Ex-CEO CZ Isn't Having It: 'He Probably Sold Bitcoins' originally appeared on
Yahoo
09-05-2025
- Business
- Yahoo
CrowdStrike Probed Over $32M IRS Deal
Crowdstrike (NASDAQ:CRWD) dips after DOJ and SEC probe executives' roles in a $32 million Carahsoft-IRS deal. U.S. prosecutors and regulators are scrutinizing a 2023 agreement under which CrowdStrike sold cybersecurity services to the IRS via Carahsoft, despite no products ever being purchased. Warning! GuruFocus has detected 5 Warning Sign with CRWD. Shares slid about 3% on Friday after Bloomberg reported that the Department of Justice and Securities and Exchange Commission are investigating what senior executives knew and whether the transaction was properly accounted for. The 2023 dealstructured as four $8 million paymentscould have swung CrowdStrike's revenue and ARR metrics, and the company later excluded roughly $26 million from its annual recurring revenue, citing distributor-transferability issues. Investigators have interviewed former staff about potential pre-booking or channel-stuffing practices and are reviewing responses to Sarbanes-Oxley compliance questionnaires. They've expanded their review to other federal contracts, including a $1 million-plus IRS order and multi-million-dollar deals with the Departments of Health and Human Services and Energy. CrowdStrike's spokesperson, Kevin Benacci, reiterated that we stand by the accounting of the transaction, while Carahsoft says it continues to support the deal. Regulators have also obtained internal records showing at least one employee flagged concerns about the transaction's completeness. Why It Matters: The probes highlight legal, financial and reputational risks for cybersecurity firms when large distributor transactions skirt delivery and revenue recognition norms. Investors will look to CrowdStrike's Q2 earnings call for updates on legal reserves and any impact on guidance. As of May 9, 2025, CrowdStrike Holdings has a GF Value of $363.59, with the stock currently trading above fair value, signaling it is modestly overvalued. The price trend has outpaced GF Value estimates, suggesting investor enthusiasm may be running ahead of fundamentals. This article first appeared on GuruFocus.
Malay Mail
30-04-2025
- Business
- Malay Mail
Gorilla Technology Releases Full Year Audited Financials for 2024
Gorilla has fully remediated all previously reported material weaknesses. This includes upgrading its financial systems, hiring experienced talent and strengthening its internal governance. Gorilla is fully Sarbanes-Oxley compliant, following extensive work with an external consultant, underscoring the depth and rigor of the Company's internal controls and processes, as well as its maturity as a U.S.-listed company. [email protected] London, United Kingdom - Newsfile Corp. - April 30, 2025 - Gorilla Technology Group Inc. (NASDAQ: GRRR) ("Gorilla" or the "Company"), a global solution provider in Security Intelligence, Network Intelligence, Business Intelligence and IoT technology, today announced that the filing of its full-year audited financials for the year ended 31 December 2024 on Form 20-F with the U.S. Securities and Exchange Commission will be made today after market Chandan, Chairman and CEO, commented: "2024 was the year we moved from transformation to acceleration. We have cemented our position in the AI ecosystem, and we are building the digital infrastructure that will power governments and enterprises for the next decade. Over the last 18 months, we have rapidly expanded across the globe - from Southeast Asia to India to the Middle East. We are also building strong momentum in Europe, North America and Latin America. We have built a business development engine which is underpinned by model of efficient deployment and long-term partnership. Our sales pipeline is strong, our operations are streamlined, and we are confident as we look to the future, even in the midst of a challenging macroeconomic environment."Mr. Chandan continued, "The strength of our audited financials reflects the discipline, scale and ambition with which we are running the business. Our commitment to accuracy in financial reporting and disclosure reinforces that Gorilla stands on solid ground - operationally, financially and ethically."Gorilla's 20-F will reflect the following updates to its financial controls and reporting:Bruce Bower, Interim CFO, added, "We are pleased to progress our financial imperatives. Looking ahead, Gorilla will continue to uphold the rigor, discipline and integrity that this filing has demonstrated and confirms. The foundation is in place, and we are well-positioned to scale for the long-term. With a clear strategy, exceptional leadership and relentless execution, we believe Gorilla represents front-footed leadership in this new AI-driven era."Further information and full financial statements can be found in the 20-F filed later today, after market close, on the SEC's website at Headquartered in London U.K., Gorilla is a global solution provider in Security Intelligence, Network Intelligence, Business Intelligence and IoT technology. We provide a wide range of solutions, including Smart City, Network, Video, Security Convergence and IoT, across select verticals of Government & Public Services, Manufacturing, Telecom, Retail, Transportation & Logistics, Healthcare and Education, by using AI and Deep Learning expertise lies in revolutionizing urban operations, bolstering security and enhancing resilience. We deliver pioneering products that harness the power of AI in intelligent video surveillance, facial recognition, license plate recognition, edge computing, post-event analytics and advanced cybersecurity technologies. By integrating these AI-driven technologies, we empower Smart Cities to enhance efficiency, safety and cybersecurity measures, ultimately improving the quality of life for more information, please visit our website: This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Gorilla's actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "might" and "continues," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, statements regarding our beliefs about future revenues, our ability to attract the attention of customers and investors alike, Gorilla's ability to win additional projects and execute definitive contracts related thereto, along with those other risks described under the heading "Risk Factors" in the Form 20-F Gorilla will file with the Securities and Exchange Commission (the "SEC") on April 30, 2025 and those that are included in any of Gorilla's future filings with the SEC. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside of the control of Gorilla and are difficult to predict. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Gorilla undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable GentryRedChip Companies, Inc.1-407-644-4256 The issuer is solely responsible for the content of this announcement.
Yahoo
04-03-2025
- Business
- Yahoo
Banc of California Welcomes Karen Hon as Chief Accounting Officer
Notable finance and accounting leader with more than 20 years of experience has joined one of the nation's leading business banks LOS ANGELES, March 04, 2025--(BUSINESS WIRE)--Banc of California, Inc. (NYSE: BANC), the parent company of wholly owned subsidiary Banc of California, announced today that Karen Hon has joined the company as Executive Vice President and Chief Accounting Officer. In this role, she oversees all accounting, controllership and financial reporting, including Sarbanes-Oxley (SOX) controls. Hon is also a member of the company's senior management committee, helping to drive operational excellence, business process improvements and enhancements across the bank. Hon reports directly to Joe Kauder, Executive Vice President and Chief Financial Officer. "We are so pleased to have an experienced executive like Karen join our talented team," said Jared Wolff, President and CEO of Banc of California. "Karen is a proven leader with deep expertise in accounting as well as system integrations and process improvements. She also has led and built accounting teams at other financial institutions. Her leadership and expertise will be instrumental in driving operational excellence and process, systems and technology enhancements across the bank." Hon will replace Jeff Krumpoch, Executive Vice President and Interim Chief Accounting Officer, who is retiring on April 1 after 23 years of service with Banc of California, Inc. and PacWest Bancorp. The two companies merged in 2023. "We are so thankful for the many years of service Jeff has provided," said Wolff. "His leadership and expertise have been invaluable over the years, and we wish him well in his retirement." Hon has more than 20 years of experience in finance and accounting. She has significant experience in banking, having spent 17 years at Silicon Valley Bank (SVB), most recently as Chief Accounting Officer. Hon led the accounting and reporting teams, and oversaw controllership, tax, the SOX program, SEC and regulatory reporting, and technical accounting and policy. She also oversaw the finance transformation team that led data and technology initiatives that supported financial and regulatory reporting. Prior to SVB, Hon was an auditor at KPMG. Hon received a bachelor's degree in economics and psychology from the University of British Columbia and is a licensed Chartered Professional Accountant. For a photo of Hon, click here. About Banc of California, Inc. Banc of California, Inc. (NYSE: BANC) is a bank holding company with over $33 billion in assets and the parent company of Banc of California. Banc of California is one of the nation's premier relationship-based business banks, providing banking and treasury management services to small-, middle-market, and venture-backed businesses. Banc of California is the largest independent bank headquartered in Los Angeles and the third largest bank headquartered in California and offers a broad range of loan and deposit products and services through 80 full-service branches located throughout California and in Denver, Colorado, and Durham, North Carolina, as well as through regional offices nationwide. The bank also provides full-stack payment processing solutions through its subsidiary, Deepstack Technologies, and serves the Community Association Management industry nationwide with its technology-forward platform, SmartStreet™. The bank is committed to its local communities through the Banc of California Charitable Foundation, and by supporting organizations that provide financial literacy and job training, small business support, affordable housing, and more. For more information, please visit us at View source version on Contacts Media Contact: Jennifer SaylorsSenior Vice President, Corporate CommunicationsBanc of California213-338-8635media@
Yahoo
10-02-2025
- Business
- Yahoo
UBS whistleblower verdict thrown out despite US Supreme Court win
By Jonathan Stempel NEW YORK (Reuters) - A former UBS bond strategist who persuaded the U.S. Supreme Court to make it easier for corporate whistleblowers to win retaliation lawsuits suffered a setback on Monday, as a jury verdict awarding him back pay and other damages was thrown out. In a 2-1 decision, the 2nd U.S. Circuit Court of Appeals in Manhattan said defective jury instructions at Trevor Murray's 2020 trial made it too easy to conclude that his whistleblowing contributed to the Swiss bank's decision to fire him. See for yourself — The Yodel is the go-to source for daily news, entertainment and feel-good stories. By signing up, you agree to our Terms and Privacy Policy. A contributing factor "must actually cause or help cause the termination decision - it is not enough merely to influence the termination, or generally to be the type of thing that tends to cause termination," Circuit Judge Michael Park wrote. The decision means UBS need not pay Murray the $903,300 jury verdict, plus $1.77 million for legal bills. U.S. District Judge Katherine Polk Failla in Manhattan had instructed jurors that whistleblowing could be a contributing factor in Murray's termination if it "tended to affect in any way" UBS's decision to fire him. Park said this let jurors hold UBS liable without proof that Murray's whistleblowing "actually did" lead to his firing. The appeals court returned the case to Failla. Murray's lawyers did not immediately respond to requests for comment. UBS declined to comment. Monday's decision followed a unanimous Supreme Court ruling last February that restored the jury verdict, which the 2nd Circuit had previously thrown out. That ruling said financial industry whistleblowers need not prove their employers fired them with "retaliatory intent," but only that they were treated differently for whistleblowing. Murray said UBS fired him in February 2012 after he complained about pressure to issue bullish research on commercial mortgage-backed securities to support the bank's trading operations. He said UBS's conduct violated the Sarbanes-Oxley corporate governance law. UBS said it fired Murray as part of a broader cost-cutting that included thousands of job losses, following a $2 billion loss by a rogue trader. Circuit Judge Myrna Perez dissented from Monday's decision, saying reasonable jurors would have understood Failla's "perfectly adequate" instructions. The case is Murray v UBS Securities LLC et al, 2nd U.S. Circuit Court of Appeals, No. 20-4202.
