OM Group, Execs Settle SEC Fraud Charges

Law360, New York (July 19, 2007, 12:00 AM EDT) -- OM Group Inc., its former CFO and two former controllers on Wednesday reached a settlement agreement with the U.S. Securities and Exchange Commission, putting to rest allegations of accounting fraud.

In a civil complaint filed in the U.S. District Court for the District of Columbia, the SEC alleged that OMG’s former chief financial officer, James Materna, and the company’s former controller, John Holtzhauser, improperly adjusted the company’s financial results, increasing OMG’s annual and quarterly net income from 2001 through the first three quarters of 2003....
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