SEC Settles With Former Foodservice Exec

Law360, New York (May 14, 2008, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has filed and settled a civil lawsuit against the former vice president of purchasing at U.S. Foodservice regarding an alleged fraud scheme involving the former Royal Ahold subsidiary and its vendors.

Brian Spears, who did not admit or deny the complaint's allegations, is permanently enjoined from violating securities laws under the consent order filed Tuesday in the U.S. District Court for the District of Columbia.

He was also ordered to pay about $60,000 in disgorgement and interest, but that was...
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