Invoking its rarely used clawback authority, the U.S. Securities and Exchange Commission on Tuesday settled charges with two former Silicon Valley chief financial officers, who agreed to return nearly a half-million dollars in bonuses and stock-sale profits they received while their software company committed accounting fraud.
The SEC concedes that neither Saba Software Inc. executive was personally involved in the underlying misconduct. Nonetheless, William Slater agreed to return $337,375 to the company and Peter Williams III to hand over $141,992—proceeds they received during the time when Saba filed materially false and misleading financial statements, according to the SEC order instituting a settled administrative proceeding. Last year, the SEC reached a similar agreement with Saba’s CEO to return $2.5 million in bonuses and stock profits. The company itself paid a fine of $1.75 million.
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