‘Waste’ CEO to pay $4M for securities fraud
James E. Koenig was convicted of committing 60 securities violations between 1992 and 1997.
James E. Koenig, the former chief financial officer of Waste Management Inc. to pay $4 million for securities fraud, falsifying company books and records and lying to auditors, the SEC said.
The Securities and Exchange Commission said that Mr. Koenig was convicted of committing 60 securities violations between 1992 and 1997 in a scheme to “falsify and misrepresent the company’s financial results and profits by over $1.7 billion.”
U.S. Judge Wayne Anderson of the U.S. District Court for the Northern District of Illinois issued the Judgment on Dec. 21, which permanently bars Mr. Koenig from acting as an officer of director of a public company.
The final judgment follows an 11-week jury trial in 2006 that resulted in a verdict in the SEC’s favor, which Mr. Koenig decided to appeal.
The SEC previously settled with the founder and three other officers at Waste Management in related cases in which they had to pay a total of $30.8 million.
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