The SEC filed federal fraud charges Monday against Delphi, seven of its former top executives and two outsiders, accusing the auto parts supplier of attempting to hide its poor financial condition. The government said that the Troy, Mich.-based company had settled its charges and will not face penalties. The SEC also said it had settled charges with six of the people named in the complaint. Resolving the SEC investigation could help Delphi move closer to an emergence from bankruptcy.
October 31, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.com
The Securities and Exchange Commission filed charges Monday against Delphi Corp. and several of its former top executives, accusing the auto parts supplier of committing accounting fraud to hide the poor conditions of its finances.
The SEC, in a filing in federal court in Detroit, charged seven former Delphi executives, including former CEO J.T. Battenberg, and two outsiders with participating in or aiding and abetting the company’s fraud.
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