Ex-Collins & Aikman CEO Settles SEC Case For $7M

Law360, New York (April 19, 2010, 6:55 PM EDT) -- Former White House Budget Director David Stockman has agreed to pay $7.2 million in disgorgement and civil penalties to the U.S. Securities and Exchange Commission for his alleged role in fraudulent schemes to inflate the reported income of now-bankrupt automotive parts manufacturer Collins & Aikman Corp. when he was the company's CEO.

In a consent decree lodged Monday in the U.S. District Court for the Southern District of New York, Stockman neither admitted nor denied the SEC's allegations that between 2001 and 2005, he presided over...
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