Thursday, January 3, 2008
The SEC announced that the U.S. District Court for the Northern District of Illinois entered final judgment against James E. Koenig, the former CFO of Waste Management, Inc., after a jury found that he committed 60 securities laws violations in a five-year period.
The final judgment, entered on Dec. 21, 2007, followed a two-day bench trial on remedies. The SEC alleged that, from 1992 -- 1997, Koenig engaged in a systematic scheme to falsify and misrepresent Waste Management's financial results with profits being overstated by $1.7 billion. The final judgment permanently bars Koenig from acting as an officer or director of a public company, enjoins him from future violations of the antifraud and other provisions of the federal securities laws, and requires him to pay more than $4 million in disgorgement, prejudgment interest, and civil penalties.