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    This post discusses the Sltakin SEC case.

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    Please go to http://www.sec.gov/litigation/litreleases/lr17796.htm. This SEC litigation release identifies Daniel Jacobs as a co-conspirator in Slatkin's effort to deceive the SEC.

    Pay close attention to the bulleted section.

    a. What do you learn about NAA Financial?

    b. Who is Michel (Mitchell) Axiall?

    © BrainMass Inc. brainmass.com December 24, 2021, 9:39 pm ad1c9bdddf
    https://brainmass.com/business/accounting/post-discusses-sltakin-sec-case-400782

    SOLUTION This solution is FREE courtesy of BrainMass!

    Please go to http://www.sec.gov/litigation/litreleases/lr17796.htm. This SEC litigation release identifies Daniel Jacobs as a co-conspirator in Slatkin's effort to deceive the SEC.

    Pay close attention to the bulleted section.

    a. What do you learn about NAA Financial?

    b. Who is Michel (Mitchell) Axiall?

    Solution:

    a. What do you learn about NAA Financial?

    NAA Financial is the Swiss-based brokerage firm where Reed Slatkin held investor funds. The U.S. Attorney General and the SEC led a joint investigation into the affairs of Reed Slatkin. It was found that he was running a massive Penza scheme. He stole millions of dollars from hundreds of investors. NAA Financial is where he hid allegedly the money.

    Daniel Jacobs worked diligently to try and convince authorities that NAA Financial was a legitimate company that was not involved in any type of wrongdoing. In reality, it was a completely bogus company. The company had fake telephone numbers, and all documents coming out of the company were completely forged. Nothing about the company was legitimate or legal. Every piece of information that Jacobs gave to the SEC regarding NAA Financial was also bogus.

    When the SEC questioned where certain filings were, Jacobs always provided an excuse, generally blaming it on some other made up company. Excuses like, "this company isn't complying, or is dragging their feet in giving us the information" were the norm for Jacobs. He told any lie he could to stall the SEC as to why NAA Financial wasn't in compliance with SEC laws and regulations. Their books, bank statements, everything was bogus.

    Just before the SEC began to investigate, Jacobs did the same thing that happened at Enron - he began to shred. He shredded every piece of financial information regarding NAA Financial that he could, before investigators were able to confiscate it.

    b. Who is Michel (Mitchell) Axiall?

    Michel Axiall was one of the several aliases that Daniel Jacobs used when signing financial documents from NAA Financial. Jacobs didn't want his own name on the documents, so he used one of several different names. Michel Axiall was one of the common names he used often, to sign NAA Financial paperwork. Michel Axiall was a completely made-up person that Jacobs used.

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    © BrainMass Inc. brainmass.com December 24, 2021, 9:39 pm ad1c9bdddf>
    https://brainmass.com/business/accounting/post-discusses-sltakin-sec-case-400782

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