Defendant Name: Overseas Shipholding Group, Inc.

Defendant Type: Public Company

Document Reference: 2017-29

Document Details

Legal Case Name In the Matter of Overseas Shipholding Group, Inc. and Myles Robert Itkin
Document Name Shipping Conglomerate and Former CFO Charged with Failure to Recognize Hundred of Millions in Tax Liabilities
Document Date 23-Jan-2017
Document Format Administrative Proceeding
File Number 3-17807
AAER 3855
Allegation Type Issuer Reporting and Disclosure
Document Summary On January 23, 2017 the SEC announced in a press release that they had charged the shipping conglomerate Overseas Shipholding Group (OSG) and its former CFO Myles R. Itkin with violations of negligence based antifraud provisions as well as reporting books-and-records, and internal controls provisions of the federal securities laws. According to the SEC: from 2000 to the second quarter of 2012, "OSG and Itkin, who participated in the negotiation of the credit agreements and signed them, failed to recognize OSG's tax liability despite significant indicia that the structure of its credit agreements in effect made OIN a guarantor under the agreements and could trigger tax consequences, including tax memos from outside counsel and communications with the banks negotiation phase of the credit agreements."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order

Related Documents:

33-10286 23-Jan-2017 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
On January 23, 2017 the SEC instituted a settled order against Overseas Shipholding Group, Inc. ("OSG") and Myles Robert Itkin. According to the SEC: "this matter concerns the failure of OSG to record material federal income tax liabilities in its financial statements from 2000 through the second quarter of 2012."

Other Defendants in Action:

Myles Robert Itkin