Case Study: SEC V. Conaway

Law360, New York (March 10, 2010, 3:59 PM EST) -- The U.S. District Court for the Eastern District of Michigan recently issued an opinion in which it imposed a third tier civil penalty against Charles Conaway, the former chariman and CEO of Kmart Corp., but declined to impose either an injunction or an officer-and-director bar. SEC v. Conaway, 2010 U.S. Dist. LEXIS 17057 (Feb. 25, 2010).

Charles C. Conaway was the Chairman and CEO of Kmart Corp. for 20 months in 2001-2002.

The U.S. Securities and Exchange Commission sued Conaway in 2005, accusing him of deceiving...
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