TheStreet, 3 Executives Settle Accounting Fraud Charges
The company that operates the financial news website TheStreet.com and three executives have settled federal civil charges of accounting fraud.
The Securities and Exchange Commission said the company, TheStreet, and the executives engaged in a scheme in 2008 to artificially inflate the company's revenue and mislead investors. The two co-presidents of a company subsidiary and a former chief financial officer of the company agreed to pay a total of about $409,000 to settle the SEC charges.
The two co-presidents, Gregg Alwine and David Barnett, were barred for 10 years from serving as officers or directors of any public company. The former CFO, Eric Ashman, was barred for three years.
TheStreet and the three executives neither admitted nor denied the allegations but agreed to refrain from future violations.
Disclosure: TheStreet.com and CNBC.com have a content-sharing arrangement.