WASHINGTON, Feb. 10 (UPI) -- The U.S. Securities and Exchange Commission said Thursday Spear & Jackson and its former chief executive agreed to settle fraud charges.
Dennis Crowley, Spear & Jackson's former chief executive officer, will pay a $2 million fine and return more than $4 million of salary and other allegedly ill-gotten gains under the terms of the settlement.
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In all, the SEC said Crowley will pay more than $6.1 million to settle securities fraud charges.
Crowley, 42, of Highland Beach, Fla., also will be permanently barred from acting as a corporate officer or director.
The SEC obtained a court order last spring removing Crowley from his job during an investigation.