Tycoon to Settle SEC Debt Deal Charges
Mexican tycoon Ricardo Salinas has agreed to pay $7.5 million to settle charges in the U.S. that he deceived investors in a deal related to his broadcasting company TV Azteca, a U.S. regulator said.
In January 2005, the Securities and Exchange Commission charged TV Azteca, Salinas and executives Pedro Padilla Longoria and Luis Echarte of taking part in a scheme to conceal Salinas’ role in a debt deal that made him $109 million.
TV Azteca said in May that it was near an agreement with the SEC and that Salinas and Padilla would absorb the monetary cost so that company earnings would be unaffected.
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