On September 11, 2013, the Securities and Exchange Commission, SEC, entered final judgments by consent against Owen Mark Williams and True North Finance Corporation, f/k/a CS Financing Corporation, in a Minnesota federal court, in a civil injunctive action, filed by the SEC on September 21, 2010. This judgment against Williams requires him to pay a $40,000 civil penalty according to a press-release by the SEC.
The SEC alleged that True North and its CFO, overstated revenue in True North's filings with the SEC in 2008 and 2009. Owen M. Williams caused True North to improperly recognize revenue on interest from borrowers where the borrowers were not paying True North and where the borrowers' impaired financial condition meant that collectability was not assured. The SEC alleged that this recognition of revenue were not accepted accounting principles and also departed from True North's revenue recognition policy, which stated that the company would not recognize revenue when the payment of interest was 90 days past due.
If you lost your investment in True North Financing Corporation please contact Soreide Law Group at (888) 760-6552.
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