SEC Enforcement: Spotlighting Outside Directors
Mondaq Business Briefing › United States Law Articles in English (2011)
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SEC Enforcement: Spotlighting Outside Directors
In an action filed February 28, 2011, the Securities and Exchange Commission (SEC) charged three outside directors of a public company with securities fraud based on their alleged failures to fulfill their roles and responsibilities as Board members. The SEC contends that by their actions and inaction, the outside directors – Jerome Krantz, Cary Chasin, and Gary Nadelman – facilitated and assisted in a massive accounting fraud at DHB Industries, Inc., a body armor supply company. The SEC identified the directors' failures as: failing to mai...
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