Former Symbol Exec Settles SEC Accounting Fraud Suit

Law360, New York (February 19, 2010, 6:32 PM EST) -- Former Symbol Technologies Inc. executive Frank Borghese has agreed to pay $450,000 to settle allegations by the U.S. Securities and Exchange Commission that he was involved in fraudulent accounting practices that helped to greatly overstate the bar code scanner manufacturer's revenue and stock price.

In a consent judgment filed by the SEC on Thursday in the U.S. District Court for the Eastern District of New York, Borghese — the company's former head of sales — was held liable for approximately $1.7 million, but will pay the...
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