HILL INTERNATIONAL INC REVIEW
This complaint was posted on NAS on 4th Jan, 2021 and is a permanent record located here: https://www.nameandshame.com/hill-international-inc-5YCV5/literal-scammers-caught-in-their-act-id5ydoz .
Literal scammers caught in their act!
Hill International Inc 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 Hill International Inc 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 Hill International Inc Scam Report
On October 1, 2020, the U.S. District Court for the Eastern District of Pennsylvania entered a final consent judgment against Nicholas Tornello, a former senior accountant at Hill International, Inc.
The SEC's complaint, filed on January 16, 2020, alleged that Tornello failed to correct approximately $5 million in accounting errors relating to foreign currency exchange losses incurred by Hill, and attempted to "bleed" those losses out over time. As alleged, this conduct reduced the negative impact of the losses, resulting in overstated net income on the company's financial statements.
Without admitting or denying the SEC's allegations, Tornello consented to the entry of the final judgment, which enjoins him from violating the record-keeping and internal controls provisions of Section 13(b)(5) of the Securities and Exchange Act of 1934 and Rule 13b2-1 thereunder, and from aiding and abetting violations of the books and records and reporting provisions of 13(a) and13(b)(2)(A) of the Exchange Act and Rules 12b-20, 13a-1, 13a-11, and 13a-13 thereunder. The judgment also orders Tornello to pay a $25,000 civil penalty.
In addition, the Commission instituted administrative proceedings, made findings, and, pursuant to Rule 102(e) of the Commission's Rules of Practice, suspended Tornello from appearing and practicing before the SEC as an accountant, which includes not participating in the financial reporting or audits of public companies, with a right to apply for reinstatement after one year. Without admitting or denying the Commission's findings, Tornello consented to the suspension.
The company and Ronald Emma, Hill's former Chief Accounting Officer, previously settled the Commission's claims against them.
The investigation and litigation were conducted by John V. Donnelly III, Jack Easton, Cecilia B. Connor, and Daniel Berman, and supervised by Jennifer C. Barry, Kingdon Kase, and Kelly L. Gibson of the Philadelphia Regional Office.
Next Steps For The People Associated With Hill International Inc
If you haven’t entered a contract with this entity 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/clients/associates 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!