A former chief financial officer for Gemstar-TV Guide International Inc. has reportedly reached an agreement to pay $25,000 to the Securities and Exchange Commission to settle civil charges related to the company's $250 million accounting fraud.
Craig Waggy, Gemstar's finance chief from September 1997 to May 2002, was accused by the SEC of aiding the company's record-keeping violations of federal securities laws. According to reports, the SEC dropped fraud charges against Waggy, and he will be able to practice as an accountant before the SEC and remain eligible to serve as an officer or director of a public company
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