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...
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