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Securities

Jul. 25, 2009

SEC Goes After CEO's Pay - Without Filing Fraud Charges

In a novel legal maneuver, the SEC is using Section 304 of the Sarbanes-Oxley Act to claw back money from a company chief executive who otherwise faces no charges.

By Gabe Friedman
Daily Journal Staff Writer

Securities and Exchange Commission lawyers in Los Angeles this week unveiled an aggressive, novel legal tactic to force a chief executive who is not facing any fraud charges to return $4 million to his former company.

SEC lawyers had filed securities fraud charges against four other executives from Arizona-based CSK Auto Corp. this spring for an alleged scheme to misstate the company's income.

B...

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