Bobby Keogh messed us up - probably lost us tens of millions
Could have sold this bank in 2006-07 for top dollar, but couldn't make that window because the financials were found out of order - or if you read the new CFO's letter to the SEC, all of the financial records couldn't even be found. What a joke.
"The 2006 report states, "Moreover, our accounting staff has almost entirely turned over, making it even more difficult to locate, review and prepare financial data, reports, and statements for prior periods. We can give you no assurance that we have discovered all material errors in our financial reporting. " Heritage did state in its report that it recognizes the task at hand. "We have much work ahead of us to bring our internal controls over financial reporting to a satisfactory level." The saga of the Heritage restatements dates back to November 2004 when former bank president Robert Keogh passed away. On Feb. 7, 2005, Ives was brought in to replace interim officials who had been filling in since Keogh's death. The following month, when annual reports are typically filed, Ives and his new management team discovered the accounting errors."