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Friday, June 21, 2024 | Back issues
Courthouse News Service Courthouse News Service

Ex-CEO Will Repay $2.8 Million

WASHINGTON (CN) - The former CEO of CSK Auto Corp. will repay the company $2.8 in bonuses and stock he "earned" while the company was committing accounting fraud, the SEC said.

The SEC did not charge Maynard L. Jenkins of Scottsdale, Ariz., personally for his company's misconduct, but he is still required under the Sarbanes-Oxley Act to reimburse CSK Auto for incentive-based compensation and stock sale profits he got during the frauds, the SEC said.

The SEC did file court papers against Jenkins in July 2009 saying he violated the Sarbanes-Oxley clawback provision by failing to reimburse the company.

It was the SEC's first Sarbanes-Oxley clawback case against a person who was not alleged to have otherwise violated securities laws.

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