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Explore products & services →CBST asks its paid auditor to acknowledge that its existing financial statements do not require disclosure of a $4 million liability—or revise them with certified PNC Bank records supporting that liability. PNC told the Office of the Comptroller of the Currency (OCC)—the U.S. Treasury bureau that regulates national banks—that the $250,000 note was the only debt it had on file for CBST.
Why this hurts CBST: CSH’s failure to confirm or revise leaves a cloud over the accuracy of CBST’s financial statements and prevents CBST from competing for business. This is the business harm being caused by CSH by failing to either admit CBST's financials are accurate or provide a REVISED statement showing the alleged PNC $4 million debt supported by PNC Bank records.
CBST questions: Why is CSH requiring CBST to put a non-existent $4 million debt on CBST's financial statements when CSH does not require the same of other businesses, of the governmental entities or of school boards which CSH has audited or currently doing business with?
Other CSH customers should be concerned: Because CSH continues to claim a $4 million PNC Bank debt that never existed should be on CBST's audited financial statements, CBST questions the accuracy of the financial statements of other CSH customers such as the City of Toledo, City of Hamilton, Kentucky First Federal Bankcorp, City of Cincinnati, Mercer Bankcorp, Dayton City School District, Butler County Mental Health and Addiction Recovery Services Board and many others.
CBST only raises the accuracy of these entities' financial statements based on what CSH is requiring CBST to do. The public should question whether these entities' financial statements are accurate because they do not disclose a non-existent $4 million debt with PNC Bank. Similar to CBST, should these entities' financial statements be retracted for failing to disclose a $4 million debt that never existed?
The January 30 and March 2, 2017 OCC letters are now available in the evidence library.
CSH: provide the bank records you claim to have reviewed and possess showing the $4 million debt—or acknowledge that a $4 million debt is not required to appear on CBST’s financial statements.
CBST’s claim: CSH failed to complete the service it was paid to provide. CBST paid CSH for an audit. CSH prepared and delivered it, then retracted it without providing a revised audit. CSH alleges that the reason the audit was retracted was because CBST did not disclose a $4 million liability with PNC Bank. Now, both PNC Bank and its federal regulator have confirmed that the "only debt" that ever existed was $250,000 which was already on the audit prepared by CSH. Therefore, CBST did not fail to disclose a $4 million debt.
CBST paid CSH for an audit. CSH withdrew the audit it delivered and never provided a replacement, leaving CBST without the audit it paid for.
CSH: stand behind the audit you delivered—or provide a revised audit supported by certified PNC Bank records.
CBST stands behind its claims. If CSH believes CBST's claim regarding the $4 million debt is false, CBST invites CSH to produce the PNC Bank CERTIFIED records to be true and accurate as provided by a PNC Record Custodian that contradict CBST's claim, and pursue its claims against CBST or its owners in a court of law. CBST is certain that CSH's claim of a $4 million debtor relationship with PNC Bank is false.
The forensic expert concluded that the guarantee did not bind CBST and that the accounting adjustments attributed to Schweier were unnecessary. Read the short forensic summary. CSH did not ask for or review any CBST corporate documents authorizing a $4 million debt with PNC Bank before Anthony Schweier testified under oath that a $4 million debt existed and that CBST should have disclosed that debt to him.
The forensic review in plain language →We provide a range of fiber optic cables including indoor, outdoor, central office, FTTx, telecom fiber, central core cables, micro cables, and ribbon fiber offering a variety of solutions. We take customer specifications and turn them into a meaningful result.
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