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Ex-Safety-Kleen CFO Admits To Inflating Earnings

Law360 (June 22, 2007, 12:00 AM EDT) -- A former chief financial officer of Safety-Kleen Corp. has admitted to taking part in a fraudulent scheme to artificially inflate the waste disposal services company’s earnings by about $267 million.

Paul Humphreys turned himself in to the Federal Bureau Investigation and pled guilty to securities and bank fraud counts, the U.S. Attorney’s office in Manhattan said Friday.

Humphreys, 48, engaged in the fraud to meet earnings objectives after Safety-Kleen was acquired in a hostile takeover by Rollins Environmental Services Inc. back in 1998, according to prosecutors....
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