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Mexico’s Salinas Settles Sarbanes-Oxley Suit

Mexico’s Salinas Settles Sarbanes-Oxley Suit

by Rick Turoczy on September 17, 2006

Ricardo Salinas Pliego, who made his fortune in television, retail, and cellular services, and is one of Mexico’s more colorful billionaires, reached a settlement with the U.S. Securities and Exchange Commission last week in the first lawsuit against a foreign company under the rules of the Sarbanes-Oxley Act.

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 he secretly owned.

Mexico’s Salinas Settles Sarbanes-Oxley Suit

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