TECHNOLOGY - Oct. 1, 1993

Software Executives Fined by SEC: Three executives of Software Toolworks Inc., including two of the founders, agreed to pay a total of more than $2.3 million to settle SEC civil charges that they defrauded investors in 1990. The SEC said the individuals and the company misrepresented sales and withheld pertinent information in advance of an $82-million public offering, then sold 1.35 million shares, avoiding losses. The SEC said they also overstated sales and profits. Leslie Crane, a co-founder and current chairman, agreed to pay $1.7 million; Joseph Abrams, a co-founder and now managing director of international sales, agreed to pay $793,000, and Dennis O’Malley, a sales manager, agreed to pay $45,000. Abrams also consented never to serve as an officer or director of a publicly held company. Robert Lloyd, president and chief executive, said the company itself was not fined and did not admit guilt. Based in Novato, Calif., Software Toolworks develops software for personal computers and Nintendo Entertainment Systems.