MDC Partners settles SEC probe into former CEO's expenses
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The U.S. Securities and Exchange Commission logo adorns an office door at the SEC headquarters in Washington, June 24, 2011. REUTERS/Jonathan Ernst
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(Reuters) - MDC Partners Inc (NASDAQ: MDCA), which owns ad agencies such as 72andSunny and Crispin, Porter + Bogusky, said it had settled an investigation by the U.S. Securities and Exchange Commission into former Chief Executive Miles Nadal's improper expenses.
The company said on Wednesday it would pay a $1.5 million fine as part of the settlement and will not restate any of its financial statements.
Nadal agreed to fully repay the company $11.3 million for improper expenses and will return $10.6 million in cash bonus awards, MDC Partners said.
MDC Partners said it expected the SEC to continue its investigation into other former company executives.
The company last week hired LionTree Advisors to evaluate its capital structure, slashed its full-year forecast and suspended its dividend.
The company's shares were up 12 percent at $3.98 in afternoon trading on the Nasdaq.
(Reporting by Narottam Medhora in Bengaluru; Editing by Anil D'Silva)
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