General Electric is paying $50 million to settle fraud charges by the SEC. (Getty Images)GE Settles SEC Fraud Charges
General Electric has agreed to pay $50 million to settle civil fraud charges by the Securities and Exchange Commission.
The SEC alleged the conglomerate used improper accounting methods to boost its reported earnings to avoid revealing negative results. GE is a worldwide Olympic sponsor whose deal with the IOC expires in 2012.
“We have concluded that it is in the best interests of GE and its shareholders to resolve this matter and put it behind us on the basis announced (Tuesday),” said GE in a statement.
Robert Khuzami of the SEC said in a statement. “GE bent the accounting rules beyond the breaking point. Overly aggressive accounting can distort a company’s true financial condition and mislead investors.”
Royal Mint Launches Olympic Coin Program
The Royal Mint introduced its London 2012 Olympic and Paralympic Games commemorative coin program in the U.S. The announcement came at the American Numismatic Association’s World’s Fair of Money in Los Angeles on Friday.
The British coin manufacturer has selected Minneapolis, Minn.-based GovMint. com as an authorized distributor for the program.
The Mint is introducing an official handover coin, showing the Olympic flag being handed over from the 2008 Beijing Olympics to the 2012 London Games. It is also producing a four-year series of countdown coins, which display the numbers 3, 2 and 1 to signify the counting down of each year to the 2012 Olympics.
“We are thrilled to be named by the Royal Mint as an authorized distributor. To be partnered with one of the world’s premier Mints, an institution with over a thousand-year history, is a great honor in and of itself. The Royal Mint has created a spectacular program to commemorate the London Olympic Games. They’ve taken the coin designs to the next level, really cutting edge. The different series will match the interest of every collector. This is one of the most comprehensive Olympic coin programs that I’ve seen in my 35-year career,” said GovMint.com CEO Nicholas Bruyer.
Sweet Deal for Australian Team
The Australian Olympic Team inked a deal with Cadbury. The confectioner will sponsor the team through the 2010 and 2012 Olympics. Cadbury will sponsor the Australian Olympic team through the 2010 and 2012 Olympics. (AOC)
“I know I speak on behalf of all the athletes in saying how much we appreciate Cadbury’s generous support in the build up to Vancouver and London,” AOC President John Coates said.
Cadbury sponsored the Australian Olympic team for the 1996 Olympics in Atlanta and partnered the 2000 Australian Olympic Team for Sydney.
“It is a delight for us to have Cadbury back on board as an Olympic sponsor,” Coates said.
Cadbury adds to the $29 million in sponsorship funds that the Australian Olympic Committee will receive.
Earlier this year, the company extended its tier two sponsorship for London 2012.
Briefs…
… The Asian Games will begin accepting contributions from individuals and businesses in an effort to encourage more support for the quadrennial event, set for 2010 in Guangzhou, China. The Games, which are governed by the Olympic Council of Asia, will accept contributions through Dec. 31, 2010.
Written by Greg Oshust and Isia Reaves.
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