News Summary: Ex-Systemax exec barred as officer

AP News
Posted: Sep 17, 2012 5:20 PM

FORMER EXECUTIVE BARRED: A former executive of the retailer that owns the CompUSA and Circuit City brands will be barred from serving as an officer or director of any public company to settle civil charges of improperly receiving payments from vendors. He failed to disclose the compensation, federal regulators say.

FINED IN SEC DEAL: Gilbert Fiorentino, formerly chief executive of Systemax Inc.'s technology products group, also is paying a $65,000 fine in a settlement with the Securities and Exchange Commission.

SIDE PAYMENTS: The SEC says Fiorentino received about $400,000 from companies that did business with Systemax in addition to his regular compensation, and that he stole several hundred thousand dollars' worth of company merchandise.