SEC Accuses Conseco of Accounting Scheme
From Associated Press
Conseco Inc.’s top finance executives made false statements to investors and the government throughout 1999, overstating results by hundreds of millions of dollars and hiding the insurance firm’s skid toward a bankruptcy filing, regulators said Thursday.
The Securities and Exchange Commission said Conseco’s former chief financial officer and former treasurer ran a fraudulent accounting scheme to avoid reporting the decline in value of securities held by Conseco Finance, a subsidiary formed through the 1998 purchase of mobile home lender Green Tree Financial Corp.
The SEC’s findings were included in an order issued Wednesday demanding the Indiana-based firm end violations.
