According to the Twin Cities Business Magazine, the Chief Financial Officer of Minnetonka-based Digi International has agreed to settle a federal regulator's lawsuit that he broke securities laws.
The Securities and Exchange Commission sued Subramanian Krishnan, saying he did not enforce the company's internal financial regulations, and that he had embezzled money from Digi. The SEC claimed both resulted in the company filing inaccurate financial reports with the regulator.
According to the terms of the settlement, Krishnan is to pay $60,000 and will not be allowed to be an officer or director of a public company for the next five years. In return, Krishnan does not have to admit wrongdoing.
Digi International makes server components and other computer hardware. Krishnan resigned from the company in 2010 while under investigation for violating company policies.
Read the rest at TCBMag.com
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