Grifco Inc (GFCI)

[cyofish]

SEC vs Trump Casino is a good example of why I'm so skeptical about Grifco's pro-forma EPS numbers from last year. Furthermore, there has absolutely been no follow up on the pro-forma numbers.

From CFO.com Re: the Trump case

"In this case, the method of presenting the pro forma numbers and the positive spin the Company put on them were materially misleading," says Stephen Cutler, director of the Commission's division of enforcement. "The case starkly illustrates how pro forma numbers can be used deceptively and the mischief that they can cause."

The Commission found that Trump Hotels, through the conduct of its CEO (Trump), its CFO, and its treasurer, violated antifraud provisions by "knowingly or recklessly issuing a materially misleading press release." The company, which consented to the issuance of the Commission's order without admitting or denying the findings, was ordered to stop doing such things. Says one SEC official: "This case demonstrates the risks involved in mishandling pro forma reporting."

http://www.cfo.com/article.cfm/3002978/c_2984347?f=bc


Oh NO, but J.D. and Swinford can't mislead us because they will go to jail if they did....why would they put themselves at risk it? I trust them, This is the rationale of some people here that believe Grifco and CTT.