+ Reply
Results 1 to 5 of 5

Your favorite Apple, iPhone, iPad, iOS, Jailbreak, and Cydia site.


Thread: Apple Caught in Middle of $1 Million SEC Scandal

is a discussion within the

Mac News

forums, a part of the

General Apple/Mac

section;
Reuters acquired, through a Freedom of Information Act request, an SEC report detailing the shady sale of $1 million in virtual data storage to the SEC by an Apple salesman.
...
  1. #1
    MMi Staff Writer Phillip Swanson's Avatar
    Join Date
    Apr 2011
    Location
    Michigan
    Posts
    1,342
    Thanks
    0
    Thanked 79 Times in 46 Posts

    Default Apple Caught in Middle of $1 Million SEC Scandal



    Reuters acquired, through a Freedom of Information Act request, an SEC report detailing the shady sale of $1 million in virtual data storage to the SEC by an Apple salesman.

    According to the SEC investigation, an Apple salesman swindled the SEC into purchasing data storage and backup services from a storage firm called Cloverleaf Communications. The salesman convinced the SEC in 2008 Cloverleaf could provide a more affordable solution to their data storage needs, and the SEC essentially awarded Cloverleaf a no-bid contract.

    SEC Inspector General David Kotz, who filed the report in December of 2010 and acts as the agencies internal police, found the contract violated several federal procedures. No-bid contracts violate federal contracting procedure, and upon looking at alternative solution Kotz found Cloverleaf to be "more expensive than other, better-known and less risky alternatives."

    Even worse, when the SEC actually tried to use the purchased equipment and software it proved to essentially be useless. "Bugs" during the installation were never fixed and ultimately staff who brought attention to the problems were told by a supervisor "this information doesn't leave this room."

    Obviously the actions of single Apple salesman don't speak for the entire company, this doesn't help the already spotty track record Apple has with the SEC (insider trading investigation, backdated stock options).

    Source: Reuters

  2. #2
    iPhone? More like MyPhone GreggSymington's Avatar
    Join Date
    Jun 2007
    Location
    Windsor Locks, CT
    Posts
    228
    Thanks
    11
    Thanked 23 Times in 21 Posts

    So... Because the Purchasing Manager and IT Department for the SEC are morons, they're going to blame Apple?

  3. #3
    Livin the iPhone Life Bluemoldycheeze88's Avatar
    Join Date
    May 2010
    Location
    Ventura, California, United States
    Posts
    596
    Thanks
    33
    Thanked 27 Times in 26 Posts

    Seriously $1 Million.. Just pay them and move on?

  4. #4
    iPhone? More like MyPhone
    Join Date
    Feb 2011
    Posts
    246
    Thanks
    10
    Thanked 11 Times in 8 Posts

    so.... What does SEC stand for?

  5. #5
    Green Apple tecpunk64's Avatar
    Join Date
    Mar 2009
    Location
    northeast ohio
    Posts
    56
    Thanks
    82
    Thanked 0 Times in 0 Posts

    Quote Originally Posted by Colby21 View Post
    so.... What does SEC stand for?
    Securities Exchange Commission I believe
    myiphonerocks-doesyours?

Posting Permissions
  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts