WallStreetCheatSheet is reporting that the Securities and Exchange Commission charged TheStreet, which operates the website TheStreet.com (NASDAQ:TST), with filing false financial reports reports throughout the year 2008 by posting revenue from fraudulent transactions at a subsidiary it had bought the previous year. Gregg Alwine and David Barnett, co-presidents of the subsidiary, are alleged to have entered into sham transactions with friendly counterparties that had little or no economic substance.
