Former Gemstar-TV Guide International Inc. co-president Peter Boylan will pay $600,000 to settle a federal lawsuit alleging accounting irregularities at the company, the Securities and Exchange Commission said Monday.
According to AP, Boylan agreed to an injunction prohibiting him from committing future violations and agreed to repay the SEC $300,000 and to pay a $300,000 civil penalty.
He was not required to admit any wrongdoing as part of the settlement, which must still be approved by the court, the SEC said.
The SEC told AP Boylan's settlement will be used to repay shareholders.
SEC action is pending against four other former Gemstar-TV Guide executives, including founder Henry Yuen, according to AP.