Ex-CSK Auto CEO giving back $2.8M in SEC
The former CEO and chairman of CSK Auto Corp. will give back
about $2.8 million in bonuses and profits from sales of company
stock he received while federal regulators say the auto parts
supplier was committing accounting fraud in 2002 to 2004.
Jenkins wasn't personally charged in connection with the alleged
accounting violations. But a 2002 anti-fraud law requires senior
executives to repay bonuses, other incentive pay and stock
profits they received during a period in which their company
violated financial reporting rules. The SEC is empowered to
recoup the money for the company in what is called a "clawback."
The SEC had sued Jenkins in July 2009, seeking $4.1 million. It
was the agency's first "clawback" case against a person who
wasn't accused of otherwise violating the securities laws.