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SEC Sues Former Kmart CEO, CFO

The SEC alleges Charles C. Conaway and John T. McDonald are responsible for 'materially false and misleading disclosure about the liquidity and related matters of the company,'.

> > According to the SEC complaint, the two former executives dealt with liquidity problems at Kmart by slowing down payments to vendors, withholding a total of $570 million by the end of the third quarter. The commission also accused Conaway and McDonald of lying about the reasons for the late payments and misrepresenting the impact of liquidity problems for Kmart and their relationship with its vendors
Source: CFO


Published:2005-08-23
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