SEC Puts Impath Fraud To Rest With $2M Settlement

Law360, New York (August 1, 2006, 12:00 AM EDT) -- The former chief executive of Impath Inc., an insolvent cancer-testing company, agreed Tuesday to pay $2 million to settle civil charges brought by securities regulators, adding to the three-month prison term she was given in a parallel criminal case.

According to the U.S. Securities and Exchange Commission, former CEO Anuradha D. Saad helped tweak the company’s accounting procedures between 2000 and 2002 to hide massive financial losses and meet high expectations from Wall Street.

The $2 million fine—considerably less than what was imposed on other defendants...
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.