- 2006
- $200,000
In this case, the SEC alleged that Conseco and Conseco Finance filed false and misleading statements, overstating earnings results by hundreds of millions of dollars, due to a fraudulent, improper accounting scheme conducted by defendants to avoid huge write-downs (and corresponding charges to earnings) of certain assets known as interest-only securities. Defendants also allegedly made a number of unsupported and improper adjustments to the companies’ books and records in several quarters to further inflate earnings to meet Wall Street targets.
