I think that it is accepted that the SEC expects GAAP rules to be followed when filing financial statements.

It is true that fraud has not been established. It is only true that GAAP rules were not followed.

Fraud would only be established once the SEC rules that there was intent to defraud when the actions were taken.

We are still waiting for a ruling.

I think there is a fine line between a CEO being overly enthusiastic and fraudulent.

John should have erred on the side of the caution that was recommended to him