Former Systemax executive Gilbert Fiorentino has reached a settlement with the Securities and Exchange Commission under which he will pay a $65,000 fine and agree to a ban on serving as an officer or director with any public company, the Associated Press reported.
Systemax has filed a lawsuit against the two brothers of former executive Gilbert Fiorentino, alleging that they conspired to steal millions of dollars in electronics, while also accepting trips and kickbacks, the Miami Herald reported earlier this month.
Systemax Tuesday named David Sprosty the new chief executive of its Technology Products Group. He replaces Gilbert Fiorentino, who left the company last spring following allegations of financial improprieties.
Four former employees of CompUSA, including two brothers of former Technology Products CEO Gilbert Fiorentino, reportedly stole millions of dollars in electronic equipment from a company headquarters, according to a newspaper account that cited a police report.
The circumstances leading to the departure of executive Gilbert Fiorentino from Systemax is being investigated by the Securities and Exchange Commission, the company confirmed Tuesday in an SEC filing.