5/20/2008

8 ex-AOL Time Warner executives charged

Filed under: — Aviran Mordo @ 2:18 am

Federal regulators on Monday said eight former Time Warner Inc. executives fraudulently inflated the company’s online advertising revenues by more than $1 billion between 2000 and 2002.

Four of the executives have agreed to settle the civil charges brought by the Securities and Exchange Commission by paying a total of roughly $8 million in fines and returning allegedly ill-gotten gains. They are David Colburn, Eric Keller, Jay Rappaport and James MacGuidwin. MacGuidwin was controller of the media company; the other three were in its business affairs unit.

Charges are still pending against the other four, who are contesting them: John Michael Kelly, chief financial officer of the company when it was known as AOL Time Warner; Joseph Ripp, ex-chief financial officer of the AOL division; Steven Rindner, a former senior executive in the business affairs unit, and Mark Wovsaniker, former head of accounting policy.

 

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