SEC Bans Former HealthSouth Exec From Practicing Accounting

The Securities and Exchange Commission has banned a former HealthSouth executive from working as an accountant at a public company.

The SEC's Monday action against Kenneth K. Livesay, assistant comptroller at HealthSouth from 1989 to 1999, comes as Livesay faces accusations of ordering employees to record false assets for the Birmingham-based company, the Washington Post reported.

Livesay accepted the ban without admitting or denying wrongdoing, the SEC said. He is also prohibited from serving as an officer or director at a public company, and he has agreed to cooperate with the SEC in related cases.

Fired Chief Executive Richard Scrushy, who has denied wrongdoing, was charged in an 85-count indictment with conspiracy, securities fraud and money laundering, among other things. He says the $2.7 billion accounting fraud was committed by others without his knowledge. Scrushy is free on $10 million bond. Jury selection in his fraud trial is set for Jan. 5.

Ten other HealthSouth executives have pleaded guilty to fraud charges and have been sentenced. Only one-Emery Harris-received jail time, for five months.

You may like these other stories...

Here's a CPA who truly walks the walk. On March 15, Frank Ryan, CPA, departed San Diego, California, with plans to be in Ocean City, Maryland, by July 2 to teach a course at the Maryland Association of CPAs’ (MACPA...
When Theodore J. Flynn first joined the Massachusetts Society of CPAs (MSCPA) in 1970, it was a different world and a different profession.  The "Big Eight" were still headquartered in Boston. Vietnam War...
Accountant Rickey Charles Goodrich had it a little too good. Many bean counters would kill to serve as financial guru to the likes of Pearl Jam. Goodrich was hired in 2005, and the following year, he became the CFO of Curtis...

Already a member? log in here.

Upcoming CPE Webinars

Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.
Sep 30
This webcast will include discussions of important issues in SSARS No. 19 and the current status of proposed changes by the Accounting and Review Services Committee in these statements.
Oct 21
Kristen Rampe will share how to speak and write more effectively by understanding your own and your audience's communication style.
Oct 23
Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.