SEC Settles First Charges Of Executive Loan Violations

Law360, New York (December 1, 2005, 12:00 AM EST) -- In the first-ever charges under the Sarbanes-Oxley ban on personal loans to corporate executives, the U.S. Securities and Exchange Commission has settled charges against a pair of Greek shipping executives.

Peter Goodfellow and Stamatis Molaris settled without admitting or denying the SEC's allegations that they authorized interest-free loans to themselves in the fall of 2003. The SEC said the pair knew the loans violated the Sarbanes-Oxley Act.

In the fall of 2003, Peter Goodfellow, the chief executive officer of Stelmar, and Stamatis Molaris, Stelmar’s chief financial...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.