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SOS, sold from 1998 through 2000 to 550 wealthy clients, generated $3.9 billion in bogus tax losses, according to the indictment.
Mr. Israel and his co-defendants, the former chief financial officer, Daniel Marino, and another founder James Marquez, admitted that, beginning in 1996, they lied to customers about their funds' profits and losses, fabricated audits and financial statements, and created a brokerage that while executing money-losing trades for clients generated millions in commission for themselves.
"Earnings quality was below expectation as the 'stable' business units — transaction banking, asset and wealth management, and private and business clients — generated an aggregated pretax profit of €151 million, compared to our estimate of €361 million and the consensus of €384 million," Michael Dunst, an analyst with Commerzbank in Frankfurt, wrote in a research note.
The company claims its work with over 300 clients generated over $12 million in revenue last year, which helped it reach profitability within its first year of operations.
DESIGN AND METHODS: Three hundred fifty-five case managers in Massachusetts' state-funded home care program for elderly persons selected care plan eligibility levels for 2,054 vignette clients generated in accordance with a previously devised factorial vignette survey methodology.
During the execution of the robustness tests, the fault injector intercepts all the SOAP messages sent by the emulated clients (generated by the workload emulator component) to the server (see Fig. 2).
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For example: "acquired major clients generating an increase of X amount in annual revenue".
From our inception nine years ago we have won over 600 clients generating an impressive annual turnover.
Other companies like Adobe and IBM would embed its IDOL search product in their own and sell it on to clients, generating healthy recurring license fees for Autonomy.
We will determine how to best treat these assets in a way that benefits our clients, generates additional shareholder value and rewards our employees.
"I.B.M. is uniquely positioned to help clients generate real returns from their social business investments, while helping them gain intelligence into the data being generated in these networks to be more competitive in their markets".
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