Former AOL CFO Settles SEC Suit Over Inflated Revenue

Law360, Los Angeles (September 6, 2011, 6:28 PM EDT) -- A New York federal judge on Tuesday signed off on a $260,000 payment from former AOL Inc. Chief Financial Officer John Michael Kelly to settle a U.S. Securities and Exchange Commission lawsuit that claimed he helped conceive a transaction scheme to overstate online advertising revenue by more than $1 billion.

According to the settlement approved by U.S. District Judge Colleen McMahon, Kelly agreed to shell out $200,000 — the profits he allegedly made by improperly reporting the revenue — and also agreed to pay a $60,000...
To view the full article, register now.

Related

Sections

Case Information

Case Title

Securities and Exchange Commission v. Kelly et al


Case Number

1:08-cv-04612

Court

New York Southern

Nature of Suit

Securities/Commodities

Judge

Colleen McMahon

Date Filed

May 19, 2008

Law Firms

Companies

Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.