Boyd, Paul of Knoxville, TN

Under the automatic disciplinary provisions of the Institute’s bylaws, Mr. Boyd’s AICPA membership was terminated, effective October 21, 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. Boyd the privilege of appearing or practicing before the Commission as an accountant with the right to apply for reinstatement after five years from the effective date of the SEC’s Order. This decision was based on the SEC’s findings that Mr. Boyd caused a public company to overstate materially the value of assets because he knew or should have known that he had double counted $110 million of certain fixed assets that were already included in the reserve report.