Ex-Waste Management exec to pay $4 million
Posted January 03, 2008 10:00 pm
The former chief financial officer of Waste Management Inc. was ordered to pay $4 million after a jury found James Koenig liable for securities fraud, falsifying company books and records, and lying to auditors, the U.S. Securities and Exchange Commission said Thursday. The SEC said Koenig was convicted of committing 60 securities violations from 1992 to 1997 in a scheme to falsify Waste Management's financial results, with profits being overstated by $1.7 billion. Sarah Wolff, an attorney for Koenig, said he will appeal the ruling.