Ex-Directors Of Body Armor Co. On Hook For Fraud: SEC

Law360, New York (February 28, 2011, 7:40 PM EST) -- The U.S. Securities and Exchange Commission said Monday it would settle accounting fraud claims against a body armor maker — at the same time filing suit against its former outside directors on claims related to the conviction of its ex-CEO.

The SEC complaint, filed in the U.S. District Court for the Southern District of Florida, accuses three of the former DHB Industries Inc.'s ex-outside directors of “willful blindness” to signals of accounting fraud and reporting violations. It also filed a suit in the same court against...
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