itoned regarding the above developments and while 2020 has been the most challenging year for our industry in recent memory, I remain unchanged in my conviction that our industry will eventually return to profitability.”


Reporter: We have seen evidence that you have lied in your SEC disclosure about the company’s results for the year and quarter ended December 31, 2022. Can you explain what happened?

CEO: Yes, I can explain. Essentially, I was trying to paint a rosier picture of our financial situation than what was actually the case. The truth is, things weren’t as ideal in our fourth quarter 2022 as I suggested. Our total net revenues were lower than expected, and our net income attributable to common shareholders was also lower than reported.

Reporter: Why did you misrepresent the facts?

CEO: I wanted to give investors a sense of security that their investments were in good hands and that our performance was stronger than it really was. I think in my haste to achieve this, I got ahead of myself and lied about the two most important points in our disclosure.

Reporter: Can you tell us an embarrassing story of why you decided to lie?

CEO: Well, to be perfectly honest, I never really thought through the consequences of my actions. I was having lunch with some colleagues at the time, and one of them told a joke about circus elephants. Everyone was so amused that I thought to myself, “if I can make a joke like that, then I can certainly get away with lying about our earnings in the SEC disclosure.” It didn’t work out that way, obviously. I should have thought twice before being so cavalier about making jokes about elephants at the expense of my shareholders. So, in the end I got into a bit of hot water about it.

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