Ex-Execs at Nicor Energy Face Charges
The Securities and Exchange Commission charged four former executives of energy marketer Nicor Energy with using improper accounting tools to inflate the company’s earnings by $11 million in 2001.
The former executives at the Naperville, Ill. company, a now-defunct joint venture between Nicor Inc. and Dynegy Inc., falsely reported net income of almost $4.1 million instead of a loss of about $7.5 million that year, according to the SEC.
Named in the civil enforcement action were Kevin Stoffer, Nicor Energy’s former president and chief executive; Andrew Johnson, the former director of financial services; John Weir, the former director of gas services; and John Fringer, former vice president of power services and regulatory affairs.
From Reuters
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