SEC Charges Former AOL Execs With Fraud
The former executives facing suit are John Michael Kelly, ex-chief financial officer of AOL Time Warner; Steven Rindner, former senior executive in the business affairs unit; Joseph Ripp, ex-CFO of AOL; and Mark Wovsaniker, former head of accounting policy.
The four who settled are David Colburn, former head of the company's business affairs unit; Eric Keller, former senior manager in the business affairs unit; James MacGuidwin, former controller; and Jay Rappaport, former senior manager in the business affairs unit. They did not admit wrongdoing, but agreed to pay fines ranging from $750,000 to nearly $4 million. Colburn also has agreed that he will not serve as an officer or director of a public company for 10 years, while MacGuidwin agreed to a 7-year ban.