From Accounting Today, June 5-18, 2006:
In one of the largest fines ever handed down to an individual charged with accounting fraud, a federal judge has ordered the former chairman and chief executive of Gemstar-TV Guide International Inc. To pay $22 million in penalties, interest and restitution. Henry C. Yuen plans to appeal the ruling, handed down in Los Angeles federal court. In a civil trial in December, Yuen was found guilty of securities fraud for inflating the company’s revenues. He was also barred from serving as an officer or director of a public company.
The fine levied by the Los Angeles judge covers $10.6 million Yuen received in bonuses and trading profits, plus a civil penalty of $10.6 million and $1.2 million in interest.
