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Additional charges were also brought against Thomas Chow, chief procurement officer of Syntax. In 2012, Thomas Chow was ordered to pay over 48 million dollars in penalties after he failed to respond to an SEC lawsuit. The
Securities and Exchange Commission obtained permanent injunctions against defendants James Li, Roger Kao, Christopher Liu, and Wayne Pratt, and collected disgorgement and civil penalties from these defendants. In addition, the Commission obtained officer and director bars against Li, Liu, and Pratt, as well as the entry of an administrative order suspending Pratt from appearing or practicing before the Commission as an accountant with the right to reapply after five years. The SEC filed charges against Robert Chiu, an audit and relationship partner for Syntax's outside auditor, for aiding and abetting the fraudulent revenue recognition scheme. In April 2012, former CEO James Li was ordered to pay $ 11 million in "insider trading" and "civil" penalties "for his role in the financial fraud scheme". In addition the court "also imposed an officer and director bar against Li".
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Inspection
Service began probing Syntax-Brillian for alleged fraud in early 2009. Concurrently, Olevia International Group, LLC allegedly defaulted on the agreement to purchase the assets of Syntax-Brillian. Four separate lawsuits were filed in the United States, "alleging that former executives of the company made false financial statements and that they knowingly participated in the fraudulent transfer of money to Taiwan Kolin Co., their Asian parts supplier." One shareholder who participated as a
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The outside counsel of Syntax-Brillian corporation, the law firm of
Greenberg Traurig LLP—most famous for being associated with Jack Abramoff—settled out of court with the Syntax-Brillian creditors' trust, agreeing to repay $ 3.3 million earned in pre-bankruptcy fees, of the $ 5 million paid to the
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In 2011, federal fraud charges were brought against five former executives: Wayne Pratt, former chief financial officer; James Li, former company president; Roger Kao, former vice chairman of manufacturer Taiwan Kolin Co, a supplier of Syntax-Brillian; Christopher Liu, former chairman of Kolin.
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The bankruptcy court appointed an examiner, James
Feltman, who concluded in the fall of 2008 that "Syntax-Brillian was improperly managed to benefit Kolin, not shareholders." A federal bankruptcy fraud task force consisting of the Justice Department, the Internal Revenue Service, and the Postal
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The company entered into an asset purchase agreement to sell all of its assets besides those of its
Vivitar unit to newly created Olevia International Group, LLC, which is owned by TCV Group, provider of plastic injection molded parts for the Olevia branded widescreen
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and terms were not disclosed. The deal to acquire
Vivitar was subsequently named "Turnaround Atlas Awards' Special Situations M&A Deal of the Year".
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187:. The proposed sale was anticipated to close by August 31, 2008. However, the transaction with TCV Group never closed. Instead, in May 2009,
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FORMER SYNTAX-BRILLIAN CORP. CHIEF EXECUTIVE OFFICER ORDERED TO PAY MORE THAN $ 11 MILLION FOR INSIDER TRADING AND FINANCIAL FRAUD
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Syntax-Brillian
Announces Asset Purchase Agreement, Files Voluntary Petition for Chapter 11 Reorganization to Facilitate Sale
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Stock Market due to listing violations and its filing for protection under
Chapter 11. Syntax-Brillian sees no value for its
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183:. In exchange for the purchased assets, Olevia International Group agreed to assume $ 60.0 million of Syntax-Brillian's
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249:, which it operated as a wholly owned subsidiary. Subsequent to its bankruptcy filing, the company sold the Vivitar
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to privately held Sakar
International, Inc. The sale did not include Vivitar's equipment, facilities or
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was an
American corporation formed on November 30, 2005, by the merger of Syntax (seller of widescreen
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128:(seller of Brillian brand televisions). The company sold HDTVs under the brand name of
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U.S. Authorities Probe Syntax-Brillian for Missing Millions bloomberg.com March 3 2009
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litigant in the bankruptcy proceedings wrote a book about the scandal entitled
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KPMG Vivitar Deal Named M&A Deal of the Year at Turnaround Atlas Awards
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purchased the assets of Syntax-Brillian including the Olevia brand name.
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Emerson Radio Corp. Acquires Assets of Consumer Electronics Brand Olevia
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Federal fraud charges, and judgements against officers of the company
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Sakar Acquires Vivitar Brand, Expanding Footprint in Camera Business
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On November 21, 2006 the company acquired for $ 26 million in stock
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Five former Syntax-Brillian executives face federal fraud charges
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law firm by Syntax-Brillian in the year prior to the bankruptcy.
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Greenberg Traurig Settles with Syntax-Brillian for $ 3.3 Million
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SEC Sues Robert Chiu for Fraudulent Revenue Recognition Scheme
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The Sheep and the Guardians: Diary of a SEC Sanctioned Swindle
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Syntax-Brillian files for Chapter 11 amid suits, climbing debt
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The Sheep and The Guardians: Diary of a SEC Sanctioned Swindle
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Ex-Syntax-Brillian Officer Chow Ordered to Pay $ 48.5 Million
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On July 8, 2008, Syntax-Brillian filed for protection under
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Syntax-Brillian Corporation Receives Notice of Delisting
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Companies that filed for Chapter 11 bankruptcy in 2008
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303:"Syntax-Brillian Corporation Chapter 11 Petition"
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195:Investigations, allegations of fraud, lawsuits
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132:and its stock was previously listed on the
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157:Chapter 11 of the U.S. Bankruptcy Code
365:Syntax-Brillian Switches Off The Set
344:Company press release, July 21, 2008
332:, The Arizona Republic, July 9, 2008
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454:Lobbying and Jack Abramoff scandal
277:Company form 8K filed July 8, 2008
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520:2009 disestablishments in Arizona
505:Companies based in Tempe, Arizona
18:Syntax (television manufacturer)
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354:marketwatch.com, July 8, 2008
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510:Consumer electronics brands
114:Syntax-Brillian Corporation
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151:Bankruptcy and delisting
136:Stock Market under the
140:BRLC. It was based in
255:intellectual property
83:Chapter 11 bankruptcy
28:Syntax-Brillian Corp.
126:Brillian Corporation
37:Consumer electronics
259:accounts receivable
189:Emerson Radio Corp.
146:Emerson Radio Corp.
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175:after Chapter 11.
124:televisions) with
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46:April 2004
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185:secured debt
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93:Headquarters
239:Corporation
499:Categories
265:References
251:brand name
247:camcorders
163:was to be
85:, sold to
167:from the
165:delisted
104:Products
33:Industry
237:Vivitar
227:Vivitar
120:-ready
71:2009-08
69: (
61:Defunct
53:2004-04
51: (
43:Founded
315:7 June
203:pro se
169:Nasdaq
134:Nasdaq
130:Ölevia
99:, U.S.
306:(PDF)
181:HDTVs
161:stock
317:2016
253:and
245:and
118:HDTV
79:Fate
122:LCD
501::
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283:^
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73:)
55:)
20:)
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