NICHOLAS TORNELLO, CPA REVIEW
This complaint was posted on NAS on 4th Jan, 2021 and is a permanent record located here: https://www.nameandshame.com/nicholas-tornello-cpa-5YCV6/swindler-reported-dont-work-with-nicholas-id5ydp0 .
Swindler Reported! Don't Work With Nicholas!
Nicholas Tornello, 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 Nicholas Tornello, 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 Nicholas Tornello, CPA Scam Report
1. Tornello, age 33, is and has been a certified public accountant licensed to practice in the State of New Jersey and Commonwealth of Pennsylvania. He served in various positions in the accounting group of Hill International, Inc. (“Hill”) from 2009 until March 2017. 2. Hill was, at all relevant times, a Delaware corporation. During the relevant period of time, Hill’s principal place of business was located in either Marlton, New Jersey or Philadelphia, Pennsylvania. Hill is in the project and construction management consulting business, and has operations worldwide. Since 2006, Hill has been registered pursuant to Section 12(g) and then 12(b) of the Securities Exchange Act of 1934 (“Exchange Act”). Hill has been quoted on the NYSE since 2008 under the ticker “Hill.” 3. On January 16, 2020, the Commission filed a complaint against Tornello in SEC v. Hill International, Inc., et al. (No. 1:20-cv-00447-PAE) in the United States District Court for the Southern District of New York. Subsequently, the case was transferred to the United States District Court for the Eastern District of Pennsylvania and assigned a new civil action number, SEC v. Hill International, Inc., et al., (No. 2:20-cv-02143-TJS). On October 1, 2020, the court entered an order permanently enjoining Tornello, by consent, from future violations of Section 13(b)(5) of the Exchange Act and Rule 13b2-1 thereunder and from aiding and abetting violations of Sections 13(a) and 13(b)(2)(A) of the Exchange Act and Rules 12b-20, 13a-1, 13a-11, and 13a-13 thereunder. Tornello was also ordered to pay a $25,000 civil money penalty. 4. The Commission’s complaint alleged, among other things, that Tornello engaged in improper conduct resulting in the improper accounting for certain intercompany transactions involving foreign currency fluctuations, which caused Hill to materially overstate its net income in the company’s annual report on Form 10-K for each of the years ended December 31, 2014, 2015, and 2016 and in the company’s quarterly reports on Form 10-Q for each of the quarters ended March 31, June 30, and September 30 in 2015 and 2016, and for the quarter ended March 31, 2017. The Complaint alleged that Tornello engaged in a number of improper accounting practices that materially increased Hill’s Accumulated Other Comprehensive Income (“AOCI”) on its balance sheet and decreased expenses on its income statement in a departure from generally accepted accounting principles (“GAAP”).
Next Steps For The People Associated With Nicholas Tornello, 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!