Ex-DHB Directors Strike $1.6M Deal To End SEC Fraud Suit

Law360, New York (November 10, 2011, 3:14 PM EST) -- Three former directors of military body armor supplier DHB Industries Inc. have agreed to more than $1.6 million in sanctions to settle accounting fraud claims in Florida federal court related to the conviction of DHB's ex-CEO, the U.S. Securities and Exchange Commission said Thursday.

The SEC had accused Cary Chasin, Jerome Krantz and Gary Nadelman of willful blindness to signals of accounting fraud and reporting violations at the Pompano Beach, Fla.-based company now known as Point Blank Solutions Inc. The regulator sued the directors, who were...
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