Waste Management’s former vice president of finance, Bruce Tobecksen, has settled fraud charges arising from the company’s $1.7 billion earnings overstatement from 1992 to 1997. According to the U.S. Securities and Exchange Commission, Tobecksen will pay more than $809,000 in civil penalties and other fines to settle charges that he worked with other top officers in concocting the scheme. Tobecksen did not admit or deny the commission’s allegations, a common practice in SEC settlements.
Source: Solid Waste Digest, a division of Environmental Business International Inc. in San Diego, California. Call 619-295-7685.