SEC Settles Fraud Claims With Speechworks Execs

Law360, New York (June 25, 2007, 12:00 AM EDT) -- Top executives of a Boston-based software maker have agreed to cough up $125,000 to settle claims by the U.S. Securities and Exchange Commission that they cooked the books to deceive investors.

The deal resolves the lawsuit brought by the SEC against Speechworks International Inc.'s former chief financial officer, Richard Westelman, and ex-director of finance Arthur Haberman, and permanently bans the pair from acting as company directors or officers.

In its civil complaint filed last Thursday in the Massachusetts federal court, the SEC alleged that from at...
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