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: Legal Pad | LA

SEC tells Maynard to reimburse $4.1 million to CSK

By Richard Binder

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The U.S. Securities and Exchange Commission demanded that CSK Auto Corp.?s former chief executive officer forfeit $4.1 million he received during an accounting fraud he didn?t orchestrate.

Maynard L. Jenkins was ordered to return bonuses and stock-sale profits he earned between 2002 and 2004, years during which the Phoenix auto-parts retailer engaged in fraudulent accounting that the SEC alleges boosted CSK's pre-tax income by a total of $66 million.

Mr. Jenkins' lawyer, John Spiegel of Munger, Tolles & Olson, said in a statement that the SEC was "overreaching'' since the SEC has not charged Mr. Jenkins with any misconduct, or even knowing about the accounting problems.

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Full post as published by Legal Pad | LA on July 23, 2009 (boomark / email).

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