Mexican Company Nailed By SOX
September 19, 2006
Mexican billionaire, Ricardo Salinas Pliego, allegedly bought the discounted debt of one of his outside holdings, and then sold it back to the company at face value, pocketing close to $109 million in the process for himself and a partner. He reached a settlement with the SEC last week in the first lawsuit against a foreign company under the rules of the Sarbanes-Oxley Act. Here's the story.