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State Revokes License of Berkeley CPA

The CPA license of Berkeley accountant Craig Steven On has been revoked in a disciplinary action by the California Board of Accountancy.

State officials have ordered a Berkeley accountant to surrender his Certified Public Accountant Certificate following allegations of falsified records and failure to meet reporting requirements.

The California Board of Accountancy announced Thursday that Craig Steven On was disciplined by the board and required to surrender his certificate effective Dec. 27.

The board said On violated provisions of the state Business and Professions Code that require any licensee investigated by the Securities and Exchange Commission to report the probes within 30 days to the board.

Supporting documents provided by the board show that On was the subject of two Securities and Exchange Commission (SEC) investigations that he allegedly failed to report within the required time.

A suit filed by the SEC in U.S. District Court for Northern California in October 2011 charged On and other senior executives of UCBH Holdings with violations of securities laws, according to the board documents in the disciplinary case against On.

The accusations said On "certified false financial statements, failed to implement a system of internal controls, and falsified certain books, records and accounts," according to the board. In December, he consented to a court order imposing a $150,000 civil penalty and forbidding him from violating a list of federal laws, the board documents said.

Also in December 2011, the SEC imposed administrative sanctions against On, suspending him from practicing before the SEC for a minimum of five years, according to the board.

The stipulated order approved by the California Board of Accountancy, in addition to revoking On's CPA license, also requires him to "pay the agency its costs of investigation and enforcement in the mount of$5,852.62 prior to issuance of a new or reinstated license." The order acknowledges that On may apply for reinstatement of his revoked license.

A CPA Certificate was issued to On by the board on May 6, 1983 and was due to expire on Feb. 14 this year, according to the board.

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