ALLEN GARNER REVIEW
This complaint was posted on NAS on 4th Jan, 2021 and is a permanent record located here: https://www.nameandshame.com/allen-garner-5YCV2/fraud-busted-by-sec-id5ydow .
Fraud Busted By SEC
Allen Garner tried to play smart with their investors and was caught red handed by none other than U.S. Securities And Exchange Commission.
Latest SEC AAER has shocked Allen Garner investors who feel misled and betrayed by the company’s actions. The auditors at SEC are experts at what they do, which is catch financial frauds and this time they outdid themselves by looking into the financial statements of this company.
Even if the suspension gets lifted by the time you read this, it doesn’t guarantee that this company is trustworthy. Remember, the SEC doesn’t put suspensions on a stock until something illegal happens.
On the first glance, their financial statements might seem just fine, but the devil is in the details, and after some thorough analysis, the truth is revealed. Let’s dive deeper and take a look at the official findings:
Detailed Allen Garner Scam Report
1. Garner, age 58, is a resident of Granite Bay, California. From May 2015 to August 2016, Garner served as the Chief Financial Officer for Value Lighting, the largest division of Revolution Lighting Technologies, Inc. (“Revolution”). Garner currently works as the Vice President of Finance of a private company, in Roseville, CA. He has never been a licensed CPA. 2. Revolution is a Delaware corporation headquartered in Stamford, Connecticut. Revolution is a manufacturer and marketer of LED lighting solutions for customers in the industrial, multi-family housing, commercial and government markets in the United States. Until October 14, 2019, Revolution’s common stock traded on the NASDAQ (RVLT). On June 29, 2020, the Commission temporarily suspended trading in Revolution’s securities because it was delinquent on its periodic filings with the Commission. 3. On September 24, 2020, the Commission filed a complaint against Garner in the civil action entitled SEC v. Revolution Lighting Technologies, Inc. et al, Civil Action No. 3:20-cv-01440-CSH, in the United States District Court for the District of Connecticut. On October 9, 2020, the court entered an order permanently enjoining Garner, by consent, from future violations of Section 17(a) of the Securities Act of 1933 and Sections 10(b), 13(a), 13(b)(5), 13(b)(2)(A), 13(b)(2)(B) of the Securities Exchange Act of 1934 and Rules 10b-5, 12b-20, 13a-1, 13a-11, 13a-13, 13b2-1, and 13b2-2 thereunder. Garner was also ordered to pay a $25,000 civil money penalty. 4. The Commission’s complaint alleged, among other things, that from at least the second quarter of 2015 through the second quarter of 2016, Garner as CFO of Revolution’s largest division engaged in accounting practices that operated as a fraud and resulted in Revolution improperly recognizing revenue and reporting materially false revenue amounts in its financial statements filed with the Commission. The Complaint alleged that Garner along with other Revolution executives inflated the revenue Revolution reported quarterly and at year-end by counting revenue from sales much earlier than accounting rules and Revolution’s own revenue recognition policies permitted. The Complaint alleged Garner inflated the revenue by improperly accounting for “bill and hold” transactions, for which Revolution recognized revenue from the sale of lighting products before ever delivering those products to the customer.
Next Steps For The Investors at Allen Garner
It is recommended that you discuss this latest disclosure with your finance advisor as this company has done plain fraud and tried to deceive its investors and stockholders alike. While the company might try to convey that this enforcement action was nothing more than a small-one-time-thing, the reality could not be further from the truth.
Be smart about your decision on whether to work with a company such as this one or not.
If you haven’t entered a contract with this company yet, then it is better to stay away, than risk associating with a possible scammer.
Whenever such disclosures are made public, companies tend to misinform their investors and the public by burying this information. This is why I posted it here at NameAndShame. People deserve to know the reality about these guys, especially when they so shamelessly try to hide it.
Don’t Listen To Their White Lies
To save their image and manipulate investors, companies run cold-call campaigns and advertisements after an enforcement action by the SEC. This is mainly done to distract and persuade the investors and stockholders at the company from the horrible reality.
Please do not fall for the white lies companies often tell in order to save face in such situations. From shifting blame, to calling SEC “scumbags”, company representatives will do anything and everything to keep you from changing your mind about them.
I strongly recommend that you take all your investment decisions without any external influences from the company. A logical approach, combined with experience goes a long way. Don’t let their fake smiles be the result of your monetary loss.
Share Your Opinion, Findings & Evidence
If you have helpful information about this company, then please share it in a comment. A single comment can go a long way and it will help shed more light on this case.
Adding solid evidence is possibly the most effective way to help the community see the truth about this company. Please do so by using the Evidence Box down below.
Interested in the full document? We’ve uploaded it down below!