Delphi settles SEC charges, exec pays $687,000
Nov 01, 2006 | 09:33 AM
| Philip Burgert
The U.S. Securities and Exchange Commission (SEC) and Delphi Corp., Troy, Mich., have settled financial fraud charges, some of which were related to an alleged scheme to sell and repurchase metals in order to artificially boost cash flow and earnings.
The auto parts manufacturer, currently operating under Chapter 11 bankruptcy protection from creditors, was not fined as part of the settlement, but its former chief financial officer, Alan Dawes, agreed to pay $687,000.
SEC officials said they also had settled fraud charges against five other individuals, but seven more—including J.T. Battenberg III, Delphi's former chairman and chief executive officer—had not agreed to a settlement. Battenberg has said he plans to fight the allegations in court.....
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