TV Azteca Owner Settles With SEC for $7.5 Million

Law360, New York (September 15, 2006, 12:00 AM EDT) -- In the first lawsuit ever filed against a foreign company under the Sarbanes-Oxley Act, Mexican billionaire Ricardo Salinas Pliego has reached a settlement with the SEC over accusations of fraud.

Salinas, the owner TV Azteca, Mexico’s second-largest broadcaster, was accused of fraud in connection with a scheme to hide a deal between a TV Azteca subsidiary and a company called Codisco which Salinas secretly owned.

The SEC charged Salinas with fraud in January 2005 after discovering his relation to a deal involving the cell phone unit...
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