SEC Begins Spiegel Investigation

(Catalog Age) The Securities and Exchange Commission (SEC) formally began its investigation into cataloger/retailer Spiegel Group’s compliance with the federal securities laws. On March 7, the SEC started a civil proceeding in Chicago federal court alleging that Spiegel’s public disclosures violated Sections 10(b) and 13(a) of the Securities Exchange Act of 1934.

At the same time, Spiegel said it entered into a “consent and stipulation” with the SEC. Spiegel agreed to an appointed independent examiner by the court to review its financial records since Jan. 1, 2000, and to provide a report to the court and other parties regarding its financial condition and accounting. The SEC reserved its right to petition the court to require Spiegel to pay disgorgement, prejudgment interest, and civil penalties, or to impose other equitable relief.

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