The Securities and Exchange Commission on Monday charged a former Executive Vice President of children’s clothing marketer Carter’s Inc. (CRI) for allegedly engaging in financial fraud and insider trading. The SEC said in a press release that Joseph M. Elles’s misconduct caused an understatement of Carter’s expenses and a material overstatement of its net income in several financial reporting periods.
The US agency also alleges that Elles realized a profit of $4.7 million from insider trading in Carter’s shares.
Shares of CRI were down $0.37, or 1.17%, to $31.25 at 12:20 pm ET on Monday.
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