KCM CEO Settles SEC Stock Fraud Case

Law360, New York (September 6, 2011, 7:01 PM EDT) -- The CEO of microcap company KCM Holdings Corp. on Tuesday agreed to settle a U.S. Securities and Exchange Commission suit accusing him of paying kickbacks to institutional stock buyers, following up on an earlier guilty plea to related criminal charges brought by Florida federal prosecutors.

The SEC and Donald W. Klein will work in the coming days to try to agree on an appropriate penalty for bribing what he thought were a stockbroker and pension fund associate — both men were actually FBI agents — to try to prop up KCM's stock price, the SEC said in a court filing....

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