Ex-Carter's Exec Charged With $16M Securities Fraud

Law360, New York (September 26, 2011, 8:05 PM EDT) -- A former executive vice president of children's clothing marketer Carter's Inc. has been charged with securities fraud in Georgia for causing his company to understate expenses by more than $16 million over three years, according to an indictment made public Friday.

Joseph Elles stands accused of concealing millions of dollars of unauthorized rebates he gave the company’s department store clients, including Kohl’s, between 2004 and 2009, which he never disclosed to the Carter's financial department.

Elles served as executive vice president of sales, the second-highest position...
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