CEO Confesses To Lying To SEC, Apologizes To Spouse.
Ie and/or securitization totaled $3.1 billion.
Spouse: “That’s quite a lot of information they disclosed to the SEC. Did you include all the relevant financial facts and figures, or did you withhold some details you didn’t think would be relevant?”
CEO: “I may have left out a few small details. But nothing that would have had a major impact on the financial position of the company. I thought it was better to be safe than to risk being accused of deliberately misstating any financial statement.”
Spouse: “That’s understandable. But what happens if the SEC finds out that you did leave out those details? That could be a major problem for the company.”
CEO: “It would be. That’s why I want to be honest about this. I’ve been hiding something from you, and I think it’s best if I tell you what it is now.”
Spouse: “What is it? I’m listening.”
CEO: “Last year, when we were reporting our quarterly results, I presented a set of figures that weren’t completely accurate. I didn’t outright lie, but I made some bad judgement calls and cherry-picked the data to show a better financial picture.”
Spouse: “…Wait, you mean the SEC report was false?”
CEO: “Yes. And I’m sorry, because I should have been more honest. I’m sorry for not telling you right away. I wanted to avoid worrying you unnecessarily.”
Spouse: “Well, this changes things. We’ll need to go back to the SEC and amend the report as soon as possible.”
CEO: “Yes, I agree. We need to be honest and transparent, regardless of how it looks. It’s the only way to remain in good standing with the SEC.”
Spouse: “I appreciate your honesty. We’ll get through this together and make sure it’s corrected.”
Original Release: https://www.globenewswire.com/news-release/2023/02/17/2610652/0/en/Arbor-Realty-Trust-Reports-Fourth-Quarter-and-Full-Year-2022-Results-and-Declares-Dividend-of-0-40-per-Share.html