Tuesday, June 26, 2007
The SEC announced the filing of a settled civil action against Kevin B. Collins, an employee of IBM, for aiding and abetting Dollar General Corporation's commission of accounting fraud. The Commission filed the civil action against Collins in the United States District Court for the Middle District of Tennessee. As set forth in the Commission's complaint, Collins assisted Dollar General's commission of accounting fraud through a sham transaction that was designed to achieve a particular accounting result for Dollar General. Also today, the Commission instituted a settled cease-and-desist proceeding against IBM for its role in the Dollar General fraud and for IBM's own books and records violations.