L90 Exec Out as SEC Questions Accounting

L90 Inc., a Marina del Rey Internet marketing company, said its chief financial officer resigned and that it paid EUniverse Inc. an undisclosed amount to end their merger amid an investigation into its accounting by the Securities and Exchange Commission.

CFO Thomas Sebastian had been on administrative leave since March 10 and resigned from the position Tuesday. Company officials weren’t available to comment.

The SEC issued subpoenas to L90 and one of its directors in February, requesting documents related to its financial records. L90’s purchase by Los Angeles-based EUniverse had been postponed in February because of the SEC investigation. L90 shares fell 1 cent to $1.16 and EUniverse rose 8 cents to $5.64, both on Nasdaq.