MANCERA, ET AL. REVIEW
This complaint was posted on NAS on 4th Jan, 2021 and is a permanent record located here: https://www.nameandshame.com/mancera-et-al-5YCUT/horrible-fraud-debunked-id5ydon .
The Horrible Fraud Debunked
Mancera, et al. 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 Mancera, et al. 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 Mancera, et al. Scam Report
This matter involves violations of the federal securities laws and improper professional conduct by Mancera (the Mexican member firm of Ernst & Young Global), and two members of Mancera’s engagement team – then-partner Valdez, and then-senior manager Corral – during Mancera’s audits of the 2010, 2011 and 2012 financial statements of Desarrolladora Homex, SAB de CV (“Homex”), a homebuilder headquartered in Sinaloa, Mexico. 2. Throughout the period of these audits, Homex’s common stock was listed on the New York Stock Exchange. Also throughout all three fiscal years covered by these audits, Homex engaged in a multi-billion dollar financial fraud by overstating both its number of homes sold and its revenues, in the aggregate of 106,000 units, or 317%, and of $3.3 billion (MXN $44 billion), or 355%, respectively.
3. In their Homex audits, Respondents failed to comply with Public Company Accounting Oversight Board (“PCAOB”) auditing standards. These lapses included failures (i) to exercise due professional care and skepticism, (ii) to adequately plan the audits, (iii) to adequately train and supervise the engagement team, (iv) to prepare audit documentation in sufficient detail, (v) to obtain sufficient competent or appropriate audit evidence to support the audit opinions, and (vi) to properly evaluate audit results; and Mancera’s policies and procedures with respect to these failures failed to comply with PCAOB quality control standards.
Next Steps For The Investors at Mancera, et al.
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 Mancera, et al. 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!