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Charles & Colvard Ltd. Message Board

  • watchthedownside watchthedownside Dec 2, 2010 3:25 PM Flag

    Jimmy Cheung & Co., CPA was RINO's Acct.

    when the problems started in fiscal 2007.....earnings quality fell off a cliff in 2007 (not that it was necessarily great in 2006) with adjusted free cash flow of -$15.1 million versus +$10.2 million claimed.....the probelms continued into 2008 with earnings quality of 24%!!!!.....it looks like Moore Frazier's mistake was not catching the shenanigans, which given that Chinese contracts are a bit outside the skillset of a small American accountant, i can understand.....further, it looks like FROST PLLC's mistake was merging with a bunch of morons at Moore Frazier (not necessarily criminals however)

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    • Certainly, firms and any company trying to grow through mergers and acquisitions can be duped. But C&C should be aware of any transgression over at Frost because it could be more than a red herring.

      • 1 Reply to uhaveagood1ok
      • I must not have been clear on my email.....Frost was not involved in anyway shape or form with the dealings at RINO....Frost (based in Arkansas) simply merged with Moore Frazier et al (based in California).....Moore Frazier et al. were way over the skis taking on Chinese clients with suspect numbers.....but in the end it looks like Jimmy Cheung & Co., CPA was the accountant for RINO during the accounting shenanigans and they passed the hot potato to Moore Frazier.....it looks like Moore Frazier, being a west coast accountant, was overly eager to grow into the Chinese market and got burned (partly by their own stupitidy)

 
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