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SEC gets a second try on Gemstar exec pay / Agency says funds should be frozen during fraud probe

SEC gets a second try on Gemstar exec pay / Agency says funds should be frozen during fraud probe

by Rick Turoczy on September 25, 2004

A federal appeals court in San Francisco gave the Securities and Exchange Commission another chance Friday to make its case for blocking big corporate payments to executives who are under investigation for securities fraud.

The case involves one of the SEC’s important new powers under the Sarbanes-Oxley Act of 2002, Congress’ response to corporate scandals. The provision authorizing the agency to seek temporary escrow of extraordinary payments to a publicly traded company’s employees during a fraud investigation was intended to keep the money available for possible fines or repayment.

SEC gets a second try on Gemstar exec pay / Agency says funds should be frozen during fraud probe

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