Replies to post #68749 on FBC Holding Inc (FBCD)

[loanranger]

I know of the issues surrounding the accountant you refer to and posted about them:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=105341048


However that is not the accountant employed most recently by the company according to the most recent attorney letter, which says:
"The financial statements disclosed
by Issuer have been prepared by an independent third party accountant Mr. Mohan L. Basak who
holds an MBA from Rajshahi University Bangladesh and who is a Fellow Member of the
Chartered Accountant (FCA) of the ICAB, Bangladesh. Mr. Basak has managed the accounts of
the company since June 2012. Previously, Mr. Basak has managed in his capacity as account in
several other firms, including as Business Manager and CFO for Beximo (USA) Ltd, and as CFO
for Shinepukur Ceramics Limited, to which he has provided financial advice, financing and
general bookkeeping."



As a former accountant I'm all too familiar with the old "blame the accountant" gag. If Russo doesn't know how to read his own filings he shouldn't be signing them. Believe me, the SEC will not fall for the "I didn't know any better" excuse if they find evidence of impropriety.
But the accounting, while it is definitely a mess, is a secondary concern relative to the inconsistencies between the public information in press releases and the public information in the filings.


Good luck and be careful.