SEC Wants Kmart Ex-CEO Conaway To Pay $22.6M

Law360, New York (July 31, 2009, 5:28 PM EDT) -- The U.S. Securities and Exchange Commission has asked a court to force former Kmart Corp. CEO Charles Conaway to pay more than $20 million in disgorgement and penalties following a jury's verdict that he lied to investors about inventory levels and liquidity issues prior to the retailer's 2002 bankruptcy.

In a motion filed in the U.S. District Court for the Eastern District of Michigan on Thursday, the SEC asked a judge to force Conaway to pay $8.9 million in disgorgement plus prejudgment interest of about $4.8...
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