SEC Reaches Settlement With Participant In Lucent Scandal

Law360, New York (October 21, 2005, 12:00 AM EDT) -- David Ackerman, a former Winstar Communications executive charged with aiding and abetting fraud in the Lucent Technologies fraud scandal, has reached a settlement with the Securities and Exchange Commission.

The final judgment permanently enjoins Ackerman from violating or aiding and abetting the violation of any of the SEC’s antifraud provisions. The SEC also ordered Ackerman to pay a $50,000 civil penalty.

Ackerman and Lucent officer William Plunkett made a deal in which a $125 million software sale was recorded as revenue for a different quarter that...
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