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News Summary: Street.com firm, 3 execs settle

Updated at: 12/18/2012 4:36 PM
By The Associated Press

STREET TALK: The company that operates the financial news website TheStreet.com and three executives have settled federal civil charges of accounting fraud.

PUMPED UP PROFITS: TheStreet Inc. and the executives took part in a 2008 scheme to inflate the company’s revenue and mislead investors, the Securities and Exchange Commission says.

BARRED EXECS: The co-presidents of a subsidiary and a former CFO of the company will pay about $409,000 to settle the charges. The co-presidents were barred for 10 years from serving as officers or directors of any public company. The former CFO was barred for three years.

(Copyright 2012 by The Associated Press. All Rights Reserved.)