HSBC Merchant Kmart Ex-CEO To Face SEC Accusations
Just one week ago, a three-member arbitration panel cleared Kmart’s former chief executive, Charles C. Conaway, of alleged fraud, mismanagement and corporate looting. Now, the U.S. Securities and Exchange Commission has accused Conaway and former Chief Financial Officer John T. McDonald of misleading investors about the discount retailer’s finances. Conaway and McDonald stand accused of “materially false and misleading” disclosures about the discount retailer’s liquidity and related matters in the company’s SEC filings for the period that ended Oct. 31, 2001.
K-Mart is one of HSBC Finance Corporation’s merchants in the private label credit card program. In 2001 HSBC Finance was known as Household International - a well known predatory home loan lender. “In keeping with our analysis it once again proves to be true. A merchant signs on board with Household, or HSBC, and the merchant proves to be troubled - otherwise they would have aligned their customers with a more reputable credit card process” said consumer advocates at Household - HSBC Watch.
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Related Searches: home loan lender, arbitration panel, household international, misleading investors, consumer advocates
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