Don’t you love the “he’s paid enough” mentality?
A judge on Thursday ordered a former Kmart CEO to pay more than $10 million for misleading investors before the retail chain filed for bankruptcy protection in 2002.
However, the judge denied an SEC request that would have prevented Charles Conaway from serving as an officer or director at another public company.
“I feel the lessons learned, the hardships to him and his family, the disgorgement and the penalty, the damage to his reputation will be enough to deter any future securities violations by Mr. Conaway,” U.S. Magistrate Judge Steven Pepe said.
His reputation will be enough to deter any further violations. Let’s remember than 10 to 15 years from now. If it’s not him, it will be someone he knows, wanna bet?
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