Penthouse International settles accounting fraud charges
Former executive and shareholder agree to pay ?30,000 each
Adult magazine publisher and entertainment group
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
The magazines is now published by Penthouse
Media Group, formerly known as General Media.