CIBC Pays $80M to Settle Enron Case

WASHINGTON -- The Securities and Exchange Commission said Monday that Canadian Imperial Bank of Commerce (CIBC) has agreed to pay $80 million to settle charges of aiding and abetting Enron Corp. in accounting fraud, Reuters reported.

The SEC also said it has sued three CIBC executives, two of whom are settling and will pay a total of more than $600,000.

The SEC said it charged CIBC and the three executives with "having helped Enron to mislead its investors through a series of complex structured finance transactions over a period of several years."

-- NYSSCPA.org News Staff

Posted on 12/22/03