OFFICE SUPPLY VENDOR PAYS $545K FINE TO STATE OF MA………

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OFFICE SUPPLY VENDOR PAYS $545K FINE TO STATE OF MA………

 user 2009-06-05 at 3:11:49 pm Views: 59
  • #22035

    http://www.bizjournals.com/boston/stories/2009/06/01/daily37.html
    W.B. Mason settles with AG, pays $545k
    WB Mason agrees to $545000 settlement with Mass.
    Office supply vendor W.B. Mason Inc. will pay $545,000 in a settlement reached Tuesday with Massachusetts Attorney General Martha Coakley’s office.The settlement with the Brockton, Mass.-based company resolved allegations that its accounting practices led to the mishandling of business-customer credits and improper write-offs by W.B. Mason, according to Coakley’s office.

    In addition to paying the state $545,000, of which $5,000 will pay for costs associated with the investigation, W.B. Mason is prohibited from engaging in any accounting process that results in depriving customers of valid credits due. In a prepared written statement, W.B. Mason said it “is pleased to have resolved this matter. The credits referenced in the settlement were all issued prior to 2004 and, according to an independent national accounting firm, the majority of the credits were not valid and were never owed to the customers.”

    The Attorney General’s Office began investigating W.B. Mason in 2008 after learning that W.B. Mason used accounting processes and software that routinely allowed for aging credits to be removed from business-customer accounts. W.B. Mason is overhauling its electronic accounting systems to ensure that credits are no longer deleted from customer accounts.