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Ebix Inc. Message Board

  • theprincipal49 theprincipal49 Jun 20, 2013 1:34 PM Flag

    Read the Bloomberg article on EBIX and you understand the company is a FRAUD waiting to collapse.

    Overseas Subsidiaries
    Several overseas subsidiaries have fallen behind in filing audited numbers. Ebix Singapore, which accounted for $25.2 million of Ebix’s $78 million in pretax income last year, according to SEC filings, still hasn’t filed locally audited figures for 2011 or 2012.
    Ebix India, which recorded $35.7 million of the company’s pretax income last year, hasn’t filed audited figures for 2012. EIH Holdings, the company’s Swedish subsidiary, is being liquidated by Swedish regulators for lack of timely filings. Yet, according to SEC filings approved by Cherry Bekaert, the Swedish unit earned $7 million of the company’s $78 million in pre-tax income last year.

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    • After this article, the withdrawal of Goldman Sachs buyout and Federal investigation, you expect to see lots of downgrades tomorrow.

    • Company is clearly a fraud but when will they be caught?

    • How can EBIX Singapore account for $25.2 MILLION OF EBIX's $78 million pretax income last year if that company has not filed any locally audited figures for 2011 or 2012?

      Isn't that fraud?

    • Questions Abound
      Still, questions abound about the quality of Ebix’s earnings, according to accounting experts such as Joseph Carcello, co-founder of the Corporate Governance Center at the University of Tennessee.
      Carcello pointed to the company’s use of four auditors over the past decade, along with Ebix’s reliance on earnings from foreign subsidiaries, which haven’t been audited by its current firm, Cherry Bekaert, according to securities filings.
      “You have multiple auditor changes, the heavy percentage of operations overseas, the lack of filings overseas,” said Carcello in a phone interview, prior to the termination of the Goldman Sachs deal. “You start putting it all together and, although we don’t have evidence of anything fraudulent, what we do have is a lot of questions.”
      Marc Cohodes, a short-seller who helped expose accounting frauds at Lernout & Hauspie, Aremisoft and Computer Associates, questioned the quality of Ebix’s earnings and the motivations behind the Goldman Sachs deal.
      “In my experience uncovering and dealing with some of the great software frauds in the past, Ebix could rise to that level,” Cohodes said.

    • Facebook
      Raina communicates information about Ebix with shareholders on conference calls following quarterly earnings statements, and at “investor day” meetings. As for his philanthropic efforts, he uses his Facebook Inc. website account to expound on his beliefs.
      In a Facebook posting three years ago, Raina mused on the importance of charity, and how his battle to eliminate poverty from the planet by 2050 helped him keep his business accomplishments in perspective.
      ”As I reflected more on what I saw and tried to think about my own life, I realized that even though I had built a so-called ’successful business’ it did not guarantee happiness to me irrespective of who I was or how much I had,” he wrote. ”I thought I had built security, I thought I had built success. But in reality what I had built was an illusion.”

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