Scrushy Settles SEC Lawsuit
He’ll have to pay $10 million; he gets credit for an additional $71 million already paid in related lawsuits. I love this quote from the Birmingham News article:
An SEC spokesman said Monday the $81 million “is among the largest penalties ever imposed on an individual.” Investor Ivan Boesky in 1986 was fined $100 million for insider trading, and that probably was the highest penalty, the spokesman said.
Scrushy attorney Art Leach said the HealthSouth founder had no comment on the SEC settlement. Leach added that Scrushy denies similar claims made in other lawsuits in Jefferson County that he directed the company’s accounting hocus-pocus.
“Accounting hocus pocus” pretty much covers it. Of course, Scrushy knew nothing about it; those evil CFOs were to blame.
April 25th, 2007 at 9:44 am
Independent Lens show on PBS last night was “Enron: the Smartest Guys in the Room”. The Scrush couldn’t hold a candle to that bunch of snake-oil hucksters.
April 25th, 2007 at 12:06 pm
That was one depressing movie. I’ve seen it twice, and I still can’t figure out all the machinations. Of course, neither could the stock analysts.