(Reuters) – A former CEO of Hertz Global Holdings Inc. will pay $ 2.18 million to pay US Securities and Exchange Commission fees that he could not reimburse incentive-based salary to the car rental company after a financial overhaul.
Without acknowledging or denying the infringement, Mark Frissora agreed to pay $ 1.98 million to Hertz and a $ 200,000 civil fine to the SEC, according to a settlement document filed Thursday in the federal court in Newark, New York. Jersey.
Mr. Frissora, 64, of Naples, Florida, had been Hertz's CEO from July 2006 to September 2014.
The settlement requires the approval of a judge. It follows Hertz & # 39 ;s agreement in February 201
A lawyer for Frissora declined to comment.
According to the SEC, Frissora pressured subordinates to "find money," mainly by reconsidering reserve accounts, which resulted in accounting changes that left Hertz's financial results materially inaccurate.
"or calculate how long it would keep vehicles in its fleet, reduce reported costs without revealing to investors the risks of keeping older vehicles.
In July 2015, Hertz reduced previously reported advance revenues by $ 235 million, and according to the SEC announced delays the extended holding periods.  Hertz applied for bankruptcy protection in May after its activities were decimated during the coronavirus pandemic.