A former chief executive of Assisted Living Concepts Inc was ordered to pay $4.2 million on Friday after losing a closely-watched challenge to the U.S. Securities and Exchange Commission’s use of in-house enforcement proceedings.
An SEC administrative law judge ruled that Laurie Bebo, the former CEO, had engaged in a fraudulent scheme by listing fake occupants at some of the company’s senior citizen residences to avoid a default under the teams of the facilities’ lease.
‘Enforcement 40’ for 2020
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