The Securities and Exchange Commission on Thursday charged Mark Frissora, the former chief executive officer of car rental service Hertz, with aiding and abetting the company in its filing of inaccurate financial statements and disclosures.
The SEC’s complaint, filed in federal district court in New Jersey, charges Frissora with violating Section 304 of the Sarbanes-Oxley Act by failing to reimburse Hertz for the requisite amount of incentive-based compensation he received. Without admitting or denying the allegations, Frissora agreed to settle the charges and repay Hertz nearly $2 million in incentive-based compensation. The settlement, which is pending court approval, also includes a $200,000 civil penalty.
