TLF - Tandy Leather Factory's CEO charged by SEC for accounting reporting and control failures

The SEC announced that Fort Worth, Texas, specialty retailer Tandy Leather Factory (TLF) and its former CEO, Shannon Greene, have agreed to settle charges for accounting, reporting, and control failures that led to a multi-year restatement of the company’s financial statements. Tandy also failed to properly design, maintain, and evaluate its disclosure controls and procedures and internal control over financial reporting, and Greene failed to properly assess and evaluate the effectiveness of the same.On June 22, 2021, Tandy issued restated financial statements for fiscal years 2017 and 2018, each quarter in fiscal year 2018, and the first quarter of fiscal year 2019. “Tandy’s inventory tracking system and related controls were critical to both its business and the information it provided investors, yet they were wholly insufficient,” said David Peavler, Director of the SEC’s Fort Worth Regional Office.

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Tandy Leather Factory's CEO charged by SEC for accounting, reporting, and control failures