Former Delphi execs face civil fraud charges report
Oct 19, 2006 | 01:49 PM
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The U.S. Securities and Exchange Commission is preparing to file civil fraud charges against as many as a dozen former Delphi Corp. executives following a more than two-year probe of accounting fraud involving precious metal inventory disposals, the Detroit News said Thursday.
The SEC also is expected to file charges against several employees of other companies involved in improper transactions with Troy, Mich.,-based Delphi.
The federal agency alleges the company called certain loans from its suppliers "rebates" and engaged in false transactions by claiming it had sold precious metals or scrap materials, all in order to boost cash flow.
The newspaper said the civil fraud charges are expected to be filed by the end of October following agreements by most of the former executives under investigation to waive the statute of limitations until Oct. 31. The commission is scheduled to meet next week in Washington to approve the complaint filing in U.S. District Court in Detroit.....
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