SEC Charges Bhushan Dandawate Amidst Quadrant 4 System Corp Fraud Allegations

Publicly available records published by the Securities and Exchange Commission (SEC) on July 19, 2018 indicate that the SEC has charged Bhushan Dandawate with aiding and abetting a fraud committed by three entities—Quadrant 4 System Corporation, Nandu Thondavadi, and Dhru Desai—by “falsely claiming in bank documents that he controlled ten entities that were, in reality, controlled by QFOR, Thondavadi, and Desai, and by allowing QFOR to use those bank accounts for various fraudulent purposes.” The SEC’s complaint alleges additionally that Mr. Dandawate “participated in the falsification of” Quadrant 4 System’s revenue when he assisted in the arrangement of multiple round-trip transactions and “knowingly” signed and sent false audit confirmation letters to the company’s auditors—conduct that led to the “material falsification” of the company’s financial conditions reported in public filings…

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