Ackman, Blair of Livonia, MI

Under the automatic disciplinary provisions of the Institute’s bylaws, Mr. Ackman’s AICPA membership was suspended for three years, effective July 11, 2016, in connection with the disciplinary action taken by the Securities and Exchange Commission (SEC). Specifically, through an “Offer of Settlement”, and without admitting or denying the charges, the SEC denied Mr. Ackman the privilege of appearing or practicing before the Commission as an accountant with the right to apply for reinstatement after three years from the effective date of the SEC’s Order. This decision was based on the SEC’s findings that Mr. Ackman kept the misappropriation of funds made by a SEC Registrant a secret from the pension fund, and devised a plan with other principals to secretly pay back the pension fund without the pension fund ever learning of the theft.