civilserving

Why Medifast Should Replace Its Auditors

Medifast (NYSE – MED) downgraded due to insider trades, poor Auditor transparency/conflicts and potential risk that their recent Revenue reporting may be revised down. .This is going to get much worse before it gets better –going down to $5.00

So the Chairman’s household sold a cool Million dollars worth of the stock in the last round – Each share sold under the knowledge of an investigation into MED and its revenue recognition categories.
“Brad” has been out posting again, a disclosure and dissemination of inside information in violation of SEC rules prohibiting such “insider” communications. (Whole Foods CEO ring a bell?)
Minkow is not going away and appears to have made real headway with the Auditor conflict – (Selling shares or not – owning a brokerage house is the real conflict)
I am asking here – does anyone know of an auditor of publicly traded companies, who also owns a Brokerage company too? I can’t find one at all!
MED’s miraculous revenue increase last Q, - was mandatory to get MED off the NYSE’s dreaded “Watch List”. This revenue recognition was masterminded by the Chairman and the conflicted Auditor – it may have to be revised…. (What is the NYSE’s internal control doing about this too?)