CFO Penalized for Software Company’s Timesheet Falsification Fraud

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Financial statement fraud schemes commonly take the form of overstated revenue. That was indeed the case in a recent SEC investigation into the falsification of time records by certain professional services employees of Saba Software, a provider of cloud-based intelligent talent management solutions that had its IPO in 2000.[1] A publicly traded firm until recently, Saba was taken private last month and is now owned by a San Francisco based private equity group. According to the SEC, “[t]he improper time-reporting practices enabled Saba Software to achieve its quarterly revenue and margin targets by improperly accelerating and misstating virtually …read more

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