Former Dynegy CFO Robert Doty Jr. will pay the Securities and Exchange Commission $375,000 for his role in a $300 million accounting fraud.
Doty was involved in a scheme known as Project Alpha, in which a loan was improperly disguised as operating cash flow to minimize the gap between the power company's reported net income and cash flow from operations, and to realize as net income an invalid $79 million tax benefit. He was also involved in the decision not to make any separate disclosure to investors about Alpha's non-commercial pricing characteristics.
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