Another day. Another white collar bandit getting their due. Let's take a look at the former power brokers at auto parts maker Delphi Corp. The former GM unit is now trying to resolve its funding prospects to help it emerge from bankruptcy, where its been since Oct. 8, 2005. The top two executives in charge during the company's slow demise will now have to explain themselves against civil fraud claims in connection with alleged accounting irregularities. Former chairman and CEO J.T. Battenberg and former Chief Financial Officer Alan Dawes are expected to face the charges, according to the Wall Street Journal. The two are part of a group of 12 to face charges of alleged accounting improprieties, according to the Journal. Dawes, however, has agreed to a settlement that has already been approved by the SEC, according to The Journal. Delphi is in bad company, of sorts, joining former corporate titans — Enron Corp., WorldCom Inc. and Adelphia Communications — that have crumbled because of similar fraudulent accounting schemes. —Gerald Magpily
See story from the Wall Street Journal via MarketWatch
See earlier story from Bankruptcy Insider (subscription required)
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