Projo Biz Blog

The U.S. Securities and Exchange Commission is seeking $22.6 million from a former CVS executive related to his activity with discount retailer Kmart.

The one-time president of CVS Corp., Charles C. Conaway, has been under legal scrutiny shortly after Kmart filed for bankruptcy in 2002.

Conaway joined Kmart in 2000 as its chief executive officer, after nearly eight years at CVS. He joined CVS in 1992 as senior vice president of pharmacy. He was first promoted to chief financial officer and then named president and chief operating officer at CVS in 1999. He left a year later to become chief executive officer of Kmart.

The SEC said Conaway "should be penalized for intentionally lying, and causing others to lie, about Kmart's financial condition," according to a filing in U.S. District Court.

The agency wants Conaway to give up $13.7 million in "ill-gotten gains" and wants the court to impose an $8.9-million civil penalty on the Michigan native.

In June, a federal jury found him liable for misleading investors about Kmart's finances before the bankruptcy filing.

 Tags  CVS Kmart Sears

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