http://www.huffingtonpost.com/2002/05/19/ex-aol-time-warner-execut_n_102548.html
AOL, a widely known name for Internet services, merged with Time Warner, the world's largest media company, in 2000 when Internet connections were at its peak. In the years 2000 to 2002 eight executives falsified advertising revenues by $1 billion. Four executives, James MacGuidwin, controller of the media company and three others, David Colburn, Eric Keller, Jay Rappaport, who were in business affairs, have agreed to pay civil charges issued by the Securities and Exchange Commission(SEC), totaling $8 million in fines and ill-gotten gains. The other four executives, John Michael Kelly, chief financial officer, Joseph Ripp, ex-chief financial officer of the AOL division, Steven Rindner, a former senior executive of business affairs unit, and Mark Wovsaniker, former head of accounting policy were waiting pending charges.
In 2004 and 2005, Time Warner paid $300 million settlement for civil fraud charges with the SEC and $210 million to the Justice Department to resolve criminal securities charges. Time Warner restated three years of financial statement and agreed for an independent examiner to look over the books.
In the end, AOL separated its advertising business, their four executives paid their fines, and two executives, James MacGuidwin and David Colburn, were barred for ten years from accepting any director or officer positions with other companies.
