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SEC charges eight ex-AOL Time Warner executives
Mon May 19, 2008 2:54pm EDT
WASHINGTON (Reuters) - The Securities and Exchange Commission said on Monday it has charged eight former executives of AOL Time Warner in a fraudulent scheme that caused the company to overstate its advertising revenue by more than $1 billion.

David Colburn, former head of the company's business affairs unit; Eric Keller, former senior manager in the business affairs unit; James MacGuidwin, former controller; and Jay Rappaport, former senior manager in the business affairs unit, settled with the SEC.

John Michael Kelly, former chief financial officer of AOL Time Warner; Steven Rindner, former senior executive in the business affairs unit; Joseph Ripp, former chief financial officer of the company's AOL division; and Mark Wovsaniker, former head of accounting policy, are facing fraud charges, the SEC said.

(Reporting by Karey Wutkowski; editing by John Wallace)