SEC Drops Charges Against Former TenFold CEO

SEC Drops Charges Against Former TenFold CEO

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WASHINGTON (Dow Jones/AP) -- The Securities and Exchange Commission has dropped charges against the former chief executive of Salt Lake City-based TenFold Corporation.

Attorneys for Gary Kennedy, the former chief executive of the information-technology company, was cleared last week of allegations that he was among executives who had failed to disclose material information in some S-E-C filings in 1999 and 2000.

S-E-C spokesman John Nester said that the commission's decision was based on new evidence that came up during the litigation.

He rejected the notion that the decision represented a shift in the S-E-C's approach to enforcement.

Robert Hughes, the former chief financial officer at TenFold, along with former controller Stan Hanks and former vice president of finance Wynn Clayton, also were told they no longer faced S-E-C charges.

The S-E-C sued the executives in November 2002, alleging that they had engaged in a pattern of disclosing positive news and withholding negative information.

(Copyright 2005 by The Associated Press. All Rights Reserved.)

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