Former AOL CFO Settles SEC Suit Over Inflated Revenue

Law360, Los Angeles (September 6, 2011, 6:28 PM EDT) -- A New York federal judge on Tuesday signed off on a $260,000 payment from former AOL Inc. Chief Financial Officer John Michael Kelly to settle a U.S. Securities and Exchange Commission lawsuit that claimed he helped conceive a transaction scheme to overstate online advertising revenue by more than $1 billion.

According to the settlement approved by U.S. District Judge Colleen McMahon, Kelly agreed to shell out $200,000 — the profits he allegedly made by improperly reporting the revenue — and also agreed to pay a $60,000...
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