WMI saga concludes; 2 execs to pay $4.2 million to settle charges.(Waste Management Inc.)
Waste News, October, 2003
Byline: Jim Johnson Two men at the center of a financial scandal that rocked the nation's largest trash hauler, Waste Management Inc., four years ago will pay millions to settle insider-trading charges with the federal government. Rodney R. Proto, former president and chief operating officer, and Earl E.
DeFrates, former chief financial officer, agreed to pay a total of $4.2 million, most of that sum coming from Proto, as part of a settlement with the Securities and Exchange Commission regarding their actions in 1999. Proto and DeFrates neither admitted nor denied the SEC's allegations in reaching the settlement. Proto will pay $3.72 million, including $1.5 million representing the disgorgement of illegal insider trading losses that were...
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