Summary:

Boston.com : Boston Globe reports that Global Crossing founder Gary Winnick and at least two other executives are likely to be fined under an agreement that will end a Securities and Exchange Commission probe into the company’s accounting. Winnick, along with Joe Perrone, GLX’s former chief […]

Boston.com : Boston Globe reports that Global Crossing founder Gary Winnick and at least two other executives are likely to be fined under an agreement that will end a Securities and Exchange Commission probe into the company’s accounting. Winnick, along with Joe Perrone, GLX’s former chief accounting officer and Dan Cohrs, the CFO will be most likely fined. If there was one case of outright fraud, it was Global Crossing. And yet according to the Globe, “Global Crossing won’t be accused of fraud.” I hope this doesn’t mean all the criminal cases and class action lawsuits against the company are dropped. This is yet another example of SEC selling out and giving the little guys the finger.

By Om Malik

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