Guyana’s appoints convicted fraudster as Kuwait ambassador
Sep 07, 2016, , http://www.kaieteurnewsonline....s-a-convicted-felon/
Foreign Minister Carl Greenidge either did not do thorough background checks on his appointees to ambassadorial positions, or he was reckless with his appointments.
He appointed convicted felon, Shamir Ally, as Guyana’s ambassador to Kuwait.
Ally was convicted on March 4, 2003 by United States District Court Judge, Michael M. Baylson, for dissemination of false financial information by Acrodyne Communications, Inc. (“Acrodyne”) in press releases and Commission filings in 1998, 1999 and 2000.
The conviction was specifically for violations of the antifraud and recordkeeping provisions in keeping with the United States Securities regulations. Ally, who was charged jointly with A. Robert Mancuso and Ronald R. Lanchoney, was fined US$10,000. His co-conspirators were fined US$50,000 and US$10,000 respectively.
In addition, the final judgments prohibited Ally’s co-conspirators, Mancuso and Lanchoney, from acting as an officer or director of a public company.
The Securities Exchange Commission alleged that Mancuso (Acrodyne’s former CEO and president), Lanchoney (Acrodyne’s former Chief Financial Officer), and Ally (Acrodyne’s former controller) were aware of numerous and significant problems with Acrodyne’s accounting controls, but failed to assure that Acrodyne’s financial transactions were accurately recorded.
The Commission claimed that, as a result of the actions of Mancuso, Lanchoney and Ally, Acrodyne engaged in inaccurate and improper cost accounting and revenue recognition.
The Commission also alleged that, starting in the second quarter of 1999 and continuing through the first quarter of 2000, Ally directed that unsupported journal entries be made to the cost of sales and inventory accounts to bring Acrodyne’s financial statements in line with the gross margin percentage he had estimated for the period. The Commission claimed that Mancuso approved these fraudulent adjustments for the first quarter of 2000.
Given the conviction, Ally cannot vote in the United States.
Acrodyne Services provides service and support for Broadcast transmitters throughout the world. This includes the large installed base of transmitters sold by Acrodyne Industries over its 40-year history.
Acrodyne Services operates out of facilities in Pennsylvania and Maryland.
SECOND TIME
Earlier this year, Ally was also named as Deputy Chairman of the Board of Directors of the Guyana Office for Investment (GO-Invest).
This is the second time that Guyana actually appointed a convicted felon to a diplomatic posting. The last time this happened was in 1993 when the late President Dr. Cheddi Jagan appointed Satyadeow Sawh as ambassador to Venezuela. That appointment did not go through because Venezuela responded to the report on Sawh and refused to grant its agreement.