RogerRabbit
Master Chief Petty Officer
Joined: 05 Sep 2004
Posts: 748
Location: Oregon
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 Posted: Thu Apr 28, 2005 8:37 pm Post subject: Tyson Foods Paying $1.5 Million Fine |
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http://www.sfgate.com/cgi-bin/article.cgi?file=/news/archive/2005/04/28/financial/f105528D26.DTL
| Quote: | Tyson Foods Inc. agreed Thursday to pay a $1.5 million civil fine to settle federal regulators' charges that it failed to fully disclose lavish perks provided to former chairman Don Tyson, including $38,000 in oriental rugs and antiques, and the use of houses in England and Mexico.
Don Tyson will pay an additional $700,000 civil fine to settle charges by the Securities and Exchange Commission that he caused and aided the company's violations of disclosure rules for benefits that Tyson, friends and family members received while he was chairman and after his retirement in October 2001.
Springdale, Ark.-based Tyson Foods, the world's largest producer of chicken, beef and pork, and Don Tyson neither admitted nor denied wrongdoing under the settlement. They did agree to refrain from future violations of federal securities laws.
"Shareholders have a right to complete and accurate disclosures that provide a full appreciation of how public companies are using corporate assets for the personal benefit of their top executives," Paul Berger, an SEC associate director of enforcement, said in a statement.
Shares of Tyson rose 8 cents to $16.62 in afternoon trade on the New York Stock Exchange, where it has traded between $13.97 and $21.28 over the past 52 weeks |
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