It appears that Dunlap is in retirement in Boca Raton, Florida. I
couldn't anything of note more recent than this:
"9/4/02
Chainsaw Al cut loose
Before Jeff Skilling, Ken Lay, Scott Sullivan, or Dennis Kozlowski,
there was "Chainsaw Al." Whispers learned early today that the
Securities and Exchange Commission has settled its civil case against
Albert Dunlap, the former CEO of Sunbeam Corp., who was charged in
1998 with orchestrating one of the biggest financial frauds before
Enron. Two sources close to the case confirmed that the court papers
were filed Wednesday morning and a litigation release from the SEC is
forthcoming. Nicknamed 'Chainsaw Al' for his ruthless downsizing in an
attempt to turn around the troubled appliance maker, Dunlap has agreed
to pay $500,000 to settle the suit. The commission claimed that Dunlap
attempted to inflate Sunbeam's value by falsifying revenues and using
a host of other illegal accounting schemes, which eventually resulted
in the loss of billions of dollars in shareholder value. In January,
Dunlap paid $15 million to settle his portion of a class action suit
filed by Sunbeam shareholders. Whispers also learns that Sunbeam's
former financial officer Russell Kersh has agreed to pay $200,000 to
settle his case with the SEC. Under the terms of the settlement, both
men are barred from serving as corporate officers or directors. Three
other former Sunbeam officials and an auditor from Arthur Andersen who
allegedly helped cook the books are the remaining defendants in the
SEC's civil case."
http://www.usnews.com/usnews/politics/whispers/archive/september2002.htm
"Thu, Sep. 05, 2002...
Albert J. Dunlap, the flamboyant corporate chieftain who earned the
nickname 'Chainsaw Al' for his ruthless cost cutting, has gotten
clipped.
Dunlap on Wednesday agreed to pay a $500,000 civil penalty, the
largest ever levied against an individual for financial fraud, said
Thomas C. Newkirk, associate enforcement director of the Securities
and Exchange Commission. Dunlap is also permanently barred from
serving as an officer or director of a publicly traded company.
http://www.miami.com/mld/miamiherald/4004449.htm |