SEC Seeks $1.5M From Ex-AMG Chief For Cooking Books

Law360, New York (May 24, 2011, 3:55 PM EDT) -- The U.S. Securities and Exchange Commission on Tuesday asked a Texas federal court to order the former president of foam manufacturer Advanced Materials Group Inc. to pay roughly $1.5 million for illegally inflating his company’s bottom line.

The SEC alleged that former President and Chief Financial Officer William G. Mortensen fraudulently inflated AMG’s publicly reported financial results in order to borrow more money and fund his lavish lifestyle. Mortensen consented to the final judgment.

"Mortensen created the false financial statements to enrich himself at the expense...
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