Nicor Pays SEC $10M For False Transactions

Law360, New York (March 30, 2007, 12:00 AM EDT) -- Natural gas provider Nicor Inc. will pay the U.S. Securities and Exchange Commission $10 million to settle allegations that it engaged in improper transactions and failed to disclose information about the company’s finances.

The fine will settle allegations brought against both the company and former Assistant Vice President and Controller Jeffery Metz.

The SEC’s civil action alleges that between 1999 and 2002, the company engaged in a scheme to fraudulently boost revenues and meet earnings targets.

“Nicor manipulated its financial performance by engaging in sham transactions...
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