NextCard Execs Settle Charges With SEC

Law360, New York (November 9, 2006, 12:00 AM EST) -- Five former executives of bankrupt credit card issuer NextCard Inc. have agreed to fork over $1.4 million to settle accounting fraud charges brought by the U.S. Securities and Exchange Commission.

NextCard was the first company to market credit cards exclusively through the Internet. The company started to experience financial difficulties soon after it went public in 1999 because its business model led it to sign on many people with poor credit, according to the SEC.

When, by late 2000, its credit card losses and delinquencies were...
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