Columbus Dispatch, 3-26-09
NORTH CANTON, Ohio
Diebold CFO resigns over SEC warning
ATM maker Diebold Inc. said yesterday that its chief financial officer, Kevin
J. Krakora, stepped down after receiving a "Wells notice" from the Securities
and Exchange Commission staff related to a probe of how the company had been
A Wells notice indicates that the agency's enforcement division might
recommend that the SEC take legal action against those receiving it. Recipients
of such a notice can respond to the enforcement division before it makes a
formal recommendation to the SEC.
The company said it thinks the notices are related to issues addressed in
restated financial statements that it had filed.
Diebold Chief Financial Officer Kevin Krakora steps down after
receiving SEC notice
Diebold Inc.'s chief financial officer has stepped down in the wake of a U.S.
Securities and Exchange Commission investigation into possible violations of
federal securities laws.
Kevin Krakora, 53, who also stepped down as executive vice president, will
remain in a nonfinancial reporting capacity until the matter is resolved,
Diebold said Wednesday in a filing with the SEC.
The SEC's Division of Enforcement notified Krakora on Friday in what is known
as a "Wells notice" that it may recommend that the commission pursue a civil
case against him, the company said.