JAMES DEPALMA (CPA) REVIEW
This complaint was posted on NAS on 4th Jan, 2021 and is a permanent record located here: https://www.nameandshame.com/james-depalma-cpa-5YCV4/he-tried-to-scam-people-with-his-lies-id5ydoy .
He tried to scam people with his lies
James Depalma (CPA) 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 James Depalma (CPA) 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 James Depalma (CPA) Scam Report
DePalma, age 69, is a resident of New Canaan, Connecticut. DePalma is a founding member of a private equity firm which manages nearly 50% of the stock of Revolution Lighting Technologies, Inc. In September 2012, DePalma was appointed to Revolution’s Board of Directors, and in July 2015, he became Revolution’s Chief Financial Officer. DePalma retired from these positions in May 2019. He remains a partner of the private equity firm. DePalma was an audit partner at a major national audit firm where he worked from 1973 until 1994. DePalma was registered as a Certified public accountant in the state of New York until 1997. 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 DePalma 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 DePalma, by consent, from future violations of Sections 17(a)(2) and 17(a)(3) of the Securities Act of 1933 and Sections 13(a), 13(b)(5), 13(b)(2)(A), 13(b)(2)(B) of the Securities Exchange Act of 1934 and Rules 12b-20, 13a1, 13a-11, and 13a-13, 13a-14, and 13b2-1 thereunder. DePalma was also ordered to pay a $100,000 civil money penalty. 4. The Commission’s complaint alleged, among other things, that from at least the fourth quarter of 2014 through the second quarter of 2018, DePalma as board member and Chief Financial Officer of Revolution engaged in disclosure and 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 DePalma along with other Revolution executives inflated the revenue Revolution reported each quarter and at the end of the year by counting revenue from sales much earlier than accounting rules and Revolution’s own revenue recognition policies permitted. The Complaint alleged DePalma inflated the revenue by using improper “bill and hold” transactions, from which Revolution recognized revenue from the sale of lighting products before ever delivering those products to the customer. 3 I
Next Steps For The People Associated With James Depalma (CPA)
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!