The Securities and Exchange Commission today announced settled charges against Oregon-based freight transportation supply company, The Greenbrier Companies Inc., and its founder and former CEO and Chairman, William A. Furman, for failing to disclose perks provided to Furman and other Greenbrier executives as well as compensation Furman received from Greenbrier’s charters of Furman’s private plane for travel by company executives, including Furman. Greenbrier and Furman agreed to pay $1 million and $100,000 in civil penalties, respectively, to settle the charges.
“Public companies are required to disclose their executives’ financial interest in the companies’ transactions and to accurately record executives’ perks so that shareholders can fairly evaluate the compensation paid to those executives,” said Monique C. Winkler, Director of the SEC’s San Francisco Regional Office. “The SEC will hold companies accountable when they fail to meet their obligations to shareholders so that our markets remain transparent and fair for all.”
The SEC’s orders find that Greenbrier and Furman violated negligence-based antifraud and proxy provisions of the federal securities laws and that Greenbrier and Furman also committed or caused reporting, books and records, and internal accounting controls violations of the federal securities laws. Without admitting or denying the SEC’s findings, in addition to penalties, Greenbrier and Furman agreed to cease-and-desist from future violations of the securities laws.
The SEC’s investigation was conducted by Theis Finlev and Brian Huchro and was supervised by Jason H. Lee and Ms. Winkler, all of the SEC’s San Francisco Regional Office.
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn.
He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe.
Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap.
AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks.
Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
SEC Charges Transportation Company Greenbrier for Failing to Disclose Executive Perks and Payments
The Securities and Exchange Commission today announced settled charges against Oregon-based freight transportation supply company, The Greenbrier Companies Inc., and its founder and former CEO and Chairman, William A. Furman, for failing to disclose perks provided to Furman and other Greenbrier executives as well as compensation Furman received from Greenbrier’s charters of Furman’s private plane for travel by company executives, including Furman. Greenbrier and Furman agreed to pay $1 million and $100,000 in civil penalties, respectively, to settle the charges.
“Public companies are required to disclose their executives’ financial interest in the companies’ transactions and to accurately record executives’ perks so that shareholders can fairly evaluate the compensation paid to those executives,” said Monique C. Winkler, Director of the SEC’s San Francisco Regional Office. “The SEC will hold companies accountable when they fail to meet their obligations to shareholders so that our markets remain transparent and fair for all.”
The SEC’s orders find that Greenbrier and Furman violated negligence-based antifraud and proxy provisions of the federal securities laws and that Greenbrier and Furman also committed or caused reporting, books and records, and internal accounting controls violations of the federal securities laws. Without admitting or denying the SEC’s findings, in addition to penalties, Greenbrier and Furman agreed to cease-and-desist from future violations of the securities laws.
The SEC’s investigation was conducted by Theis Finlev and Brian Huchro and was supervised by Jason H. Lee and Ms. Winkler, all of the SEC’s San Francisco Regional Office.
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn. He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe. Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap. AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks. Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.