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 3:12:42 pm Views: 62
  • #22323

    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.