• Suprema Specialties cheese fraud case settled with SEC

    Tags: Cheese

PATERSON, N.J.—The Securities and Exchange Commission (SEC) has settled charges against the former executives of now-defunct New Jersey cheese maker Suprema Specialties and some of its vendors.

According to Just-Food.com, both parties were accused of overstating the company's revenues by around $700 million.

The SEC claimed that between 1998 and late 2001, executives at Suprema Specialties inflated revenue by generating fictitious transactions and re-labeling certain cheeses as "premium" to inflate inventory.

The SEC also said the company lied about the ingredients of its cheeses, saying they were natural or all-natural when they contained imitation and non-cheese products.

The settlement is still subject to court approval, and penalties will be assessed at a later date.

Read related Suprema stories ...
* Investor class-action suit filed against Suprema Specialties
* Suprema Specialties files for bankruptcy
* Suprema closes Calif. plant, 160 jobs lost

Related Content

User Comments – Give us your opinion!
Products & Services

Self Serve iPad Ordering

http://global.networldalliance.com/new/images/products/5605.png

5605/Self-Serve-iPad-Ordering

Get more from your restaurant POS with online videos and tutorials

http://global.networldalliance.com/new/images/products/1294.png

1294/Get-more-from-your-restaurant-POS-with-online-videos-and-tutorials

Business Performance Management

http://global.networldalliance.com/new/images/products/6413.png

6413/Business-Performance-Management

MVR Reports

http://global.networldalliance.com/new/images/products/MVR_Report_iix.gif

1252/MVR-Reports

Pizza POS Software

http://global.networldalliance.com/new/images/products/5937.png

5937/Pizza-POS-Software

Digital Menu Boards

http://global.networldalliance.com/new/images/products/6681.png

6681/Digital-Menu-Boards

Hardware

http://global.networldalliance.com/new/images/products/4553.png

4553/Hardware

Social Security Number (SSN) Verification

http://global.networldalliance.com/new/images/products/SSN_employmentsearch.gif

1426/Social-Security-Number-SSN-Verification

ExpressNet

http://global.networldalliance.com/new/images/products/ExpressNet_iix.gif

1428/ExpressNet

Custom Digital Signage Templates

http://global.networldalliance.com/new/images/products/6683.png

6683/Custom-Digital-Signage-Templates

Fast Casual Executive Summit
Request Information From Suppliers
Save time looking for suppliers. Complete this form to submit a Request for Information to our entire network of partners.