Defendant Name:
The St. Joe Company
Defendant Type:
Public Company
SIC Code:
6552
CUSIP:
79014810
Document Reference:
33-9967
Document Details
Legal Case Name
In the Matter of The St. Joe Company, Wm. Britton Greene, William S. McCalmont, Janna L. Connolly, CPA, J. Brian Salter, CPA, and Phillip B. Jones, CPA
Document Name
Order Instituting Public Administrative and Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933, Sections 4C and 21C of the Securities Exchange Act of 1934, and Rule 102(e) of the Commission's Rules of Practice, Making Findings, and Imposing Remedial Sanctions, Cease-and-Desist Orders and Penalties
Document Date
27-Oct-2015
Document Format
Administrative Proceeding
AAER
3716
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On October 27, 2015, the SEC instituted settled administrative and cease-and-desist proceedings against The St. Joe Company, Wm. Britton Greene, William S. McCalmont, Janna L. Connolly, CPA, J. Brian Salter, CPA, and Phillip B. Jones, CPA. According to the SEC with respect to The St. Joe Company: "The underlying improper conduct comprised, first, failing in two respects to comply with Generally Accepted Accounting Principles ('GAAP') in the impairment testing of the Company's real estate development assets; second, after discovering the broader of the aforementioned GAAP lapses in October 2010, (i) failing to identify or correct any resulting errors in prior-period financial statements and (ii) improperly using assumptions based on conditions not existing as of the quarter ended September 30, 2010 in conducting that quarter's impairment testing for certain real estate developments; third, applying an unreasonable sales price assumption to undeveloped beachfront land in one of the Company's largest real estate developments in the fourth quarter of 2010; and fourth, failing to specifically disclose, in its 2010 Form 10-K, that the Company decided not to proceed with the material development and planning of two of its largest real estate developments, and had instead determined to bulk-sell the related undeveloped land in the future."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Civil Penalty
Individual:
$2,750,000.00
Shared:
Other Defendants in Action:
