USA: Ex-Cutter & Buck Controller Admits To $5.7m Fraud
Cutter & Buck Inc's former controller Athena Diaz has admitted to inflating the sportswear retailer's revenue figures.
Diaz pleaded guilty to helping in a scheme that let the company dishonestly push up revenue reports by $5.7 million in the fiscal year ended 30 April 2000.
Diaz was sacked from Cutter & Buck in 2002, and the company subsequently restated its earnings for that financial year.
Ex-chief financial officer, Stephen Lowber, admitted to his involvement in the scheme in August 2003.
The US Attorney's office and the Securities and Exchange Commission say Cutter & Buck shipped products worth $5.7m to its distributors, even though the products had not been paid for.
The Seattle golf-apparel company then added $5.7m to its revenues in financial statements.
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