Tentative SEC Deal for Ex-Gemstar CFO11/30/2005 4:52 AM Eastern
Former Gemstar-TV Guide International Inc. chief financial officer Elsie Leung has reached a tentative settlement with the Securities and Exchange Commission, AP reported.
The SEC still needs to sign off on the proposed deal, which would settle charges that Leung inflated the company's revenue by nearly $250 million from March 2000-September 2002 in order to meet revenue projections and boost its stock price, according to AP.
If the commission approves the settlement, civil charges against Leung will be dismissed, AP reported.
Former Gemstar-TV Guide CEO Henry Yuen pleaded guilty to a felony charge of obstruction of justice Oct. 3 over the same accounting scandal, and former co-president Peter Boylan, who had been charged with securities fraud by the SEC, settled his case with the commission in June 2004, when he agreed to shell out $600,000 for a settlement without admitting or denying any wrongdoing.