BusinessCompany NewsPenthouse International settles accounting fraud charges

Penthouse International settles accounting fraud charges

Former executive and shareholder agree to pay ?30,000 each

Adult magazine publisher and entertainment group
Penthouse
International
has settled accounting fraud and financial reporting
violations, US regulator, the Securities and
Exchange Commission
has revealed.

As part of the settlement, former Penthouse executive Charles Samel and
former shareholder Jason Galanis also agreed to each pay $60,000 (?30,000) to
settle accounting fraud charges, the SEC said.

The company, Samel and Galanis settled without admitting or denying any
wrongdoing, the SEC said.

Penthouse International was the former holding company which owned Penthouse,
the adult magazine, as well as having film, online content and entertainment
club interests.

The magazines is now published by Penthouse
Media Group
, formerly known as General Media.

Further reading:

Penthouse not covered by its assets

Porn title seeks bankruptcy protection

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