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Gemstar Ex-CEO Protests Fine

April 06, 2006|From Bloomberg News

The lawyer for Henry Yuen, the former chief executive of Gemstar-TV Guide International Inc. who was found liable for securities fraud, said Wednesday that a $15.7-million fine sought by the Securities and Exchange Commission was "grossly disproportionate."

The penalty was much larger than that paid by other former Gemstar executives who settled with the SEC, attorney Michelle Rice said in federal court in Los Angeles. Yuen, 57, was found liable last month for misleading Gemstar investors by inflating revenue from 1999 to 2002.

The agency also wants Yuen to return bonuses and stock proceeds and give up claims to $29.5 million in frozen severance pay.

Los Angeles-based Gemstar, which publishes TV Guide and makes software for cable TV program guides, fired Yuen in 2003.

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