Ralphs Former Execs Sanctioned by SEC

U.S. securities regulators sanctioned three former Ralphs grocery accounting executives for bookkeeping violations that caused Ralphs’ parent, Kroger Co., to restate its earnings in 2001.

The executives improperly placed the company’s excess income in liability accounts instead of reporting it as income in accordance with generally accepted accounting principles, the Securities and Exchange Commission said. The errors from 1998 to 2000 prompted Cincinnati-based Kroger to reduce its earnings by 2 cents a share over three years, the company said in 2001.

Christopher S. Hall, Steven L. Mortensen and Steven F. Stork neither admitted nor denied the SEC allegations as part of their settlement with the commission.