Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Thursday, March 22, 2007

Stockman Faces Criminal Charges for Accounting Fraud

David A. Stockman, President Reagan's Budget Director, reportedly will be charged with accounting fraud in connection with his tenure as Chair of Collins & Aikman, an auto parts manufacturer., shortly before it declared bankruptcy in 2005.  The charges relate to inflating revenues from rebate programs and other accounting irregularities.  His attorneys called the possibility of indictment a "miscarriage of justice" and blamed Sarbanes-Oxley.  See NYTimes, Ex-Chief of Collins & Aikman Is Said to Be Facing Indictment ; WSJ, Stockman May Take Another Hit.

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