Prosecutors notch a Sarbox conviction

When you're stuck in the gears of Sarbanes-Oxley compliance, it's sometimes hard to recall what the law was all about. The point was not to generate additional audit work and lots of headaches but rather to prevent--and accordingly deter--fraud. For all the outcry over corporate fraud, there have only been three people charged under Sarbox. The most recent case: Steven Garfinkel of Philadelphia, who was CFO for the now-defunct DVI, pleaded guilty to directing DVI employees to falsify documents and double-list assets to get bigger credits. The crime triggered a $50 million loss to Fleet Bank, which has since been bought by Bank of America. Garfinkel, 64, was given 30 months in federal prison and ordered to pay restitution of $51 million, which he can pay $200 (per month) at a time. 

For more:
- here's an update from the Philadelphia Inquirer