SLM Corp., the parent company of student loan lender Sallie Mae, said Monday that it had fired the subsidiary's chief financial officer and disciplined several other executives after finishing an internal accounting investigation.
In a filing with the Securities and Exchange Commission, Sallie Mae said that it discovered three incidents in 2003 where managers at a debt collection subsidiary had shifted revenue to earlier months in order to meet performance goals and receive bonuses. The lender said that the irregularities amounted to less than $75,000, and that a senior manager who had been involved was being demoted, while other managers were also being reprimanded.
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