Former Kmart CEO Fined $10 Million

Charles Conaway, the former chief executive officer of Kmart was ordered to pay a $10 million penalty for misleading investors before the chain filed for bankruptcy protection in 2002, a federal judge here said Thursday.

DETROIT — Charles Conaway, the former chief executive officer of Kmart was ordered to pay a $10 million penalty for misleading investors before the chain filed for bankruptcy protection in 2002, a federal judge here said Thursday.

Conaway neglected to tell investors that Kmart was late in its payments to supplier, according to charges from the Securities and Exchange Commission.

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