SEC Accuses Conseco of Accounting Scheme
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Conseco Inc.’s top finance executives made false statements to investors and the government throughout 1999, overstating results by hundreds of millions of dollars and hiding the insurance firm’s skid toward a bankruptcy filing, regulators said Thursday.
The Securities and Exchange Commission said Conseco’s former chief financial officer and former treasurer ran a fraudulent accounting scheme to avoid reporting the decline in value of securities held by Conseco Finance, a subsidiary formed through the 1998 purchase of mobile home lender Green Tree Financial Corp.
The SEC’s findings were included in an order issued Wednesday demanding the Indiana-based firm end violations.
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