The SEC announced civil charges against three former senior executives of Nicor Gas, Chicago-based distributor of natural gas. The SEC alleges that the three executives:
participated in devising a method by which Nicor could profit by accessing its low-cost last-in, first-out (“LIFO”) layers of gas inventory. As a result, from 1999 through 2002, the former officer defendants engaged in or approved improper transactions, and made material misrepresentations in financial statements and documents filed with the Commission.
The SEC’s complaint in this matter is available, here.
Filed under: REAL WORLD
