Kempisty, Philip C. - New York, NY

Under the automatic disciplinary provisions of the Institute’s bylaws, effective February 17, 2012, Mr. Kempisty’s AICPA membership was suspended for a period of one year, commencing December 14, 2011, which was the effective date of the Securities and Exchange Commission’s disciplinary action. Specifically, the SEC suspended Mr. Kempisty from appearing or practicing before the Commission as an accountant with the right to apply for reinstatement after one year of the Order.  This decision was based on the SEC’s findings that while serving as the concurring review partner on financial statements for the year ended December 31, 2005, Mr. Kempisty engaged in improper professional conduct, and as a result of his actions, caused the SEC Registrant to file false and misleading quarterly and annual reports with the Commission.