Former Sunbeam Corp. CEO Al “Chainsaw” Dunlap has agreed to pay $500,000 to settle a civil suit filed by the Securities & Exchange Commission (SEC), which claims he was involved in reporting false and misleading financial results between 1996 and 1998, according to CNNfn.COM.
Sunbeam, best known has a small appliances manufacturer, also is the parent of camping equipment manufacturer The Coleman Co.
Meanwhile, Fleetwood Enterprises Inc. now builds Coleman-brand folding campers, a business it bought from the Coleman Co. more than 10 years ago.
Sunbeam, which is reorganizing under Chapter 11 bankruptcy protection, fired Dunlap during June 1998, accusing him of fraudulently inflating profits.
While agreeing to settle the SEC case, Dunlap, who is retired and living in Boca Raton, Fla., did not admit or deny any wrongdoing at Sunbeam. He also agreed to be permanently barred from serving as an officer or director of any public company.
Last month, Dunlap agreed to pay $15 million to settle a related class-action suit.
Former Sunbeam CFO Russell Kersh also agreed to pay $250,000 to settle the SEC case, and, in August, he agreed to pay $250,000 to settle the class-action.
Kersh also did not admit or deny any wrongdoing and he also agreed to be barred from working for any public company.