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Old 10-30-2006, 01:25 PM   #1
NYCshopper
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Default Nine ex-Delphi execs charged with fraud

Nine ex-Delphi execs charged with fraud

http://www.detnews.com/apps/pbcs.dll...10300413/1148/

Quote:
The Securities and Exchange Commission filed civil fraud charges against nine former Delphi executives, including former CEO J.T. Battenberg III and former Chief Financial Officer Alan Dawes, in U.S. District Court in Detroit on Monday in connection with allegations of widespread accounting fraud.

Also charged were four company officials from two companies that conducted allegedly improper transactions with Delphi -- including three employees at EDS and B.N. Bahadur, the CEO of Southfield-based turnaround firm BBK Ltd.

Bahadur, Dawes, two of the EDS employees and two other former Delphi officials agreed to settle the allegations with the SEC.

Delphi Corp., General Motors Corp.'s former parts unit, was also charged with wrongdoing as a corporation; it agreed to settle the allegations and will not pay any civil fine.

The charges cap a 27-month investigation by the SEC.

In March 2005, following a 10-month internal investigation led by an outside law firm, Delphi ousted Dawes and then-chief accounting officer Paul Free, who was also charged in Monday's filing, and said many of the company's financial statements were inaccurate. It also removed at least four other officials.

The investigation into Delphi began in July 2004 after EDS, another former GM subsidiary, told the SEC in June 2004 about a $20 million loan in 2001 that Delphi booked as income. The SEC upgraded its probe into a formal investigation in August 2004.

The 79-page complaint filed in U.S. District Court in Detroit Monday was assigned to Judge Avern Cohn, who must approve the settlements.

Unresolved is the ongoing criminal investigation into Delphi Corp. being led by the Justice Department's fraud section.
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Old 10-30-2006, 02:51 PM   #2
BigElm
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Hmmm... did GM know something no one else did?
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