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Diebold reaches agreement with SEC
NORTH CANTON, Ohio (5/6/09)--ATM manufacturer Diebold Inc. has reached an agreement in principle with the Securities and Exchange Commission (SEC) to settle charges stemming from a staff investigation. The SEC will not bring charges against the company in connection with the transactions and accounting issues subject to SEC’s investigation. However, Diebold will pay a $25 million penalty and agree to an injunction against committing or causing any violations or future violations of certain specified provisions of federal securities laws. On March 26, News Now reported that Diebold was working with the SEC and could enter into a settlement agreement. Kevin Krakora, Diebold executive vice president and chief financial officer, and other employees received Wells notices from the SEC indicating that Diebold may have violated provisions of federal securities laws. Krakora stepped down from his role when he received the Wells notice. Diebold said he would serve in a non-financial reporting capacity until the matter is resolved.


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