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Billionaire in Mexico Settles Case With S.E.C.

Billionaire in Mexico Settles Case With S.E.C.

by Rick Turoczy on September 15, 2006

The billionaire tycoon Ricardo Salinas Pliego and the Securities and Exchange Commission of the United States reached a settlement on Thursday in the first lawsuit against a foreign company under the corporate governance rules of the Sarbanes-Oxley Act.

Mr. Salinas Pliego, who owns Mexico’s second-largest broadcaster, TV Azteca, agreed to pay $7.5 million in penalties and compensation to settle accusations of fraud involving a scheme to conceal a deal between a TV Azteca subsidiary and a company secretly owned by Mr. Salinas.

Billionaire in Mexico Settles Case With S.E.C.

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