The Securities and Exchange Commission finds former Big Dig chief James Kerasiotes negligent, but that he did not intend to deceive bondholders.
"Kerasiotes, who ran the Central Artery/Ted Williams Tunnel project until he was fired in 2000, has agreed to sign the settlement with the agency to bring the matter to a close... The SEC probe began more than three years ago, after Kerasiotes acknowledged to state officials and the news media that the highway project's costs would exceed its budget of $10.8 billion. That revelation, in February 2000, shook state government, in part because of Kerasiotes's longheld, emphatic insistence that he could complete the project for that amount."
Thanks to Chris Steins
Read the full story: SEC finds ex-Big Dig chief negligent, not fraudulent
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