The US District Court for the Northern District of Illinois has permanently
barred James Koenig, a former chief financial officer (CFO) of
Management, North America’s biggest recycler, after a jury found that he
breached 60 securities laws in a five-year period.
The judgment followed an 11-week jury trial in 2006 which resulted in a
verdict in Securities & Exchange
Commission (SEC)’s favor against Koenig on all charges. Justice Wayne
Andersen ordered him to pay more than $US4m (?2m) in return for his ill-gotten
gains, prejudgement interest and civil penalties.
The commission alleged that, between 1992 and 1997, Koenig and others engaged
in a systematic scheme to falsify and misrepresent Waste Management’s financial
results, overstating profits by $US1.7bn.
According to SEC’s complaint, the scheme was accomplished through false and
misleading disclosures and a variety of non-GAAP accounting practices designed
to defer current period expenses whenever possible.
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