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SEC lets Global Crossing founder get away

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posted on Dec, 13 2004 @ 08:13 PM
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Global Crossing founder, Gary Winnick, Another CEO allowed to walk away scott free.

The Wall Street Journal reported on Monday that the SEC's board had overturned a staff recommendation of charges and a $1 million fine against Winnick.

Donaldson and two fellow Republican commissioners overturned a staff recommendation to charge Winnick even though Winnick had tentatively agreed to pay a fine.

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According to a letter leaked to the media in January, the company's former vice president of finance [and whistle blower], Roy Olofson, wrote a five-page note detailing deceptive accounting practices involving Global Crossing, Asia Global Crossing and Arthur Andersen.

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Small Investors beware, Washington will not protect you from the criminals of Wall Street. They work as a team against you.
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