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WASHINGTON (AP) - The former chief executive of defense contractor Raytheon Co. has agreed to pay a civil fine and return part of his 2000 bonus in a tentative accord with federal regulators over alleged accounting violations at the company in 2000-2001.
Daniel Burnham led Raytheon as chairman and chief executive officer for five years until he resigned in July 2003. His tentative agreement with the staff of the Securities and Exchange Commission was disclosed in a regulatory filing Monday by First Data Corp., the parent of Western Union, where Burnham is a director and chairman of the board's compensation committee.
The deal must be formally approved by the SEC commissioners. Under the agreement, Burnham neither admits nor denies the SEC's allegations but does agree to refrain from future violations of the securities laws and to return an unspecified portion of his 2000 cash bonus of $1.75 million.
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