Former Safety-Kleen Exec Pleads Guilty

Former Safety-Kleen Corp. Controller William Ridings pleaded guilty to taking part in a scheme with other executives to overstate earnings by $267 million, driving the firm to file for bankruptcy protection in 2000.

Ridings admitted to conspiracy, securities fraud and falsifying records, court papers say. At his plea hearing in Manhattan federal court, he named former Chief Financial Officer Paul Humphreys and former Vice President Thomas Ritter as co-conspirators, his lawyer said.

Humphreys’ lawyer, Alan Cohen, said Ridings’ plea “should not reflect on Mr. Humphreys’ tenure at Safety-Kleen.” Ritter’s lawyer declined to comment.

The plea is the first to emerge from the March 6, 2000, disclosure of accounting irregularities at the Columbia, S.C.-based company.