Seven Arts Entertainment Inc (SAPX)

[21ZNA9]

FBI investigating SAPX:

The juggling of loans, both from outside lenders and companies controlled by the Hoffmans, and suspicious invoices submitted for legal fees and developer fees raised the hackles of two sets of auditors, one of which quit out of frustration. Another auditor withdrew their audit as the project came under scrutiny from federal investigators.

Arata told jurors that he had dropped out of the deal in 2009 after getting wind that Seven Arts financial documents on the project had been doctored, testimony that mirrored statements he made to FBI agents investigating the case.

http://www.nola.com/crime/index.ssf/2015/04/guilty_verdict_arata_hoffman_s.html