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SEC Says Execs|Juggled the Books

MILWAUKEE (CN) - Two top executives of Veolia Environmental Services Special Services juggled the books and forged documents to make the company look profitable so they could get bonuses, the SEC claims in court.

The SEC sued former senior vice president of operations Christopher Hohol and former controller Brian Poshak, both of Green Bay, Wisc., in Federal Court.

"Both Hohol and Poshak were paid bonuses during the relevant period that were substantially based upon the financial performance of Special Services, which gave them a powerful motive for ensuring that Special Services appeared profitable," the SEC says in the complaint. "During the relevant period, Hohol and Poshak received $136,000 and $28,000, respectively, in ill-gotten bonus payments."

The men overstated company earnings by $64 million, or 50 million euros, according to the complaint. Veolia is based in Paris, France.

The SEC seeks disgorgement, penalties and an injunction for securities violations and aiding and abetting.

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