Two officials at Salt Lake City-based Usana Health Sciences Inc. promised to stop representing themselves as certified public accountants, ending an investigation by Utah authorities into the vitamin maker, The Wall Street Journal reported Tuesday.
Gilbert A. Fuller, the company's chief financial officer, and Jerry G. McClain, the Usana board's "audit committee financial expert," had both been described as certified public accountants in several of the company's filings with the Securities and Exchange Commission, the paper reported.
Both officials are former CPAs. Fuller's certification expired in 1986, and McClain's in 2004. A valid certification isn't required for their jobs, but holders of expired licenses may not describe themselves as CPAs under Utah law, the paper reported.
The Utah Division of Occupational and Professional Licensing began a probe of the matter on June 12. Both officials agreed to a settlement last week in lieu of a hearing. In the settlement, Fuller and McClain admit that their actions constituted "unlawful conduct." They promised to stop representing themselves as CPAs., the paper reported.
-New York State Society of Certified Public Accountants
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