Former Waste Management Executive Settles Fraud Charges

Date: September 29, 2004

Source: News Room

Waste Management's former vice president of finance, Bruce Tobecksen, has settled fraud charges arising from the company's $1.7 billion earnings overstatement from 1992 to 1997. According to the U.S. Securities and Exchange Commission, Tobecksen will pay more than $809,000 in civil penalties and other fines to settle charges that he worked with other top officers in concocting the scheme. Tobecksen did not admit or deny the commission's allegations, a common practice in SEC settlements.
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