Former Kmart CEO Asked to Pay $22.6 Million

The Securities and Exchange Commission is seeking more than $22 million from Charles C. Conaway, the former chief executive officer of Kmart Corp., stemming from charges that he mislead investors and concealed information from the company's board, according to reports.

WASHINGTON — The Securities and Exchange Commission is seeking more than $22 million from Charles C. Conaway, the former chief executive officer of Kmart Corp., stemming from charges that he mislead investors and concealed information from the company's board, according to reports. The SEC wants Conaway to pay an $8.9 million fine and repay $13.7 million in "ill-gotten gains" to investors.

A jury previously found Conaway guilty of misleading investors before the company's 2002 bankruptcy filing. A report in the Wall Street Journal quoted Conaway's attorney as saying that his client did not make any money from actions.

The discounter has since merged with Sears Holding Co.

Read More of Today's Headlines [2]