Buono, John of Pewaukee, WI

Under the automatic disciplinary provisions of the Institute’s bylaws, Mr. Buono’s AICPA membership was terminated, effective August 7, 2016, in connection with the disciplinary action taken by the Securities and Exchange Commission (SEC). Specifically, through an “Offer of Settlement”, the SEC, denied Mr. Buono the privilege of appearing or practicing before the Commission as an accountant for knowing or being reckless in not knowing as the Company’s CFO that the Company misrepresented in its Forms 10-K and 10-Q that it was in compliance with occupancy and financial covenants included in a lease pursuant to which the Company leased eight of its senior residence facilities; for undertaking an elaborate scheme to hide the Company’s lack of compliance with the covenants; engaging in the misconduct to avoid defaulting on the lease, which would have required, among other things, the Company to pay the landlord the amount of rent due on the remaining term of the lease.