The SEC accused Cardillo Travel Systems and...
The SEC accused Cardillo Travel Systems and three officers of concealing the Redondo Beach firm’s deteriorating financial condition by fraudulently exaggerating its income. The company, which was delisted by the American Stock Exchange in November, 1985, was put into involuntary bankruptcy proceedings last June 25. Named defendants were Chairman and Chief Executive A. Walter Rognlien, President Esther I. Lawrence and Vice President-Finance William Kaye. Kaye consented to the entry of a permanent injunction without admitting or denying the allegations.
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