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Ex-Execs at Nicor Energy Face Charges

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From Reuters

The Securities and Exchange Commission charged four former executives of energy marketer Nicor Energy with using improper accounting tools to inflate the company’s earnings by $11 million in 2001.

The former executives at the Naperville, Ill. company, a now-defunct joint venture between Nicor Inc. and Dynegy Inc., falsely reported net income of almost $4.1 million instead of a loss of about $7.5 million that year, according to the SEC.

Named in the civil enforcement action were Kevin Stoffer, Nicor Energy’s former president and chief executive; Andrew Johnson, the former director of financial services; John Weir, the former director of gas services; and John Fringer, former vice president of power services and regulatory affairs.

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From Reuters

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