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Ex-Tyco Exec To Pay $2.6M To Settle With SEC

Law360 (May 1, 2007, 12:00 AM EDT) -- Former Tyco International Ltd. executive Edward Federman will pay over $2.65 million to settle charges of fraudulent accounting practices brought by the U.S. Securities and Exchange Commission, the SEC said Monday.

In addition to the payout, which is a combination of disgorgement, prejudgment interest and a civil penalty, the proposed settlement will also permanently enjoin Federman from violating securities laws and will bar him from serving as an officer or director of a public company for five years.

Federman, who resigned from his position as executive...
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