Tecumseh Execs Told To Shell Out $11M In Fraud Suit

Law360, New York (May 26, 2011, 2:26 PM EDT) -- A New York federal judge on Tuesday ruled that two former Tecumseh Holdings Corp. executives must pay about $10.8 million for participating in an alleged scheme to sell unregistered securities.

U.S. District Judge Shira A. Scheindlin said that former Vice President Anthony M. Palovchik and former Vice Chairman Dale Carone are jointly and severally liable for $7.2 million in disgorgement and $3.5 million in prejudgment interest, as well as imposing $110,000 in first-tier civil penalties against Palovchik and $6,500 in third-tier civil penalties against Carone....
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