Former Gemstar-TV Guide International Inc. co-president Peter Boylan has reached a tentative settlement with the SEC regarding a securities fraud charge that was filed against him in January, a source familiar with the case said on Friday.
Boylan was accused of participating in a scheme to inflate Gemstar’s licensing and advertising revenue, and to mislead investors concerning Gemstar’s financial performance between 1999 and 2002, according to the complaint filed in U.S. District Court for the Central District of California.
Securities and Exchange Commission approval is required for the tentative settlement to take effect, a source said.
Kelly Bowers, assistant regional director of the SEC’s Pacific regional office, said he could neither confirm nor deny that a tentative settlement had been reached with Boylan. Patricia Glaser, Boylan’s attorney, declined to comment.
Last month, Gemstar agreed to pay a $10 million civil penalty as part of a settlement it reached with the SEC regarding a separate complaint against the interactive program guide vendor.
The SEC also has civil cases pending against Gemstar founder Henry Yuen, former chief financial officer Elsie Leung, former general counsel Jonathan Orlick and former TV Guide Inc. CFO Craig Waggy.
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