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SEC Says Bally Total Fitness Juggled Books

WASHINGTON (CN) - The SEC has filed a federal court action against Bally Total Fitness, sayingthe chain of fitness centers defrauded investors by issuing false financial statements from 1997 through 2003 thatportrayed Bally's financial conditionnet worth andincome as "far better than they actually were," witha $1.8 billion overvaluation in 2001 alone.

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