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LOS ANGELES (AP) - Federal regulators will soon begin giving $83 million in cash and stock to shareholders of Gemstar-TV Guide International Inc. who were harmed by a suspected scheme to inflate revenues to meet financial targets.
The Securities and Exchange Commission said Friday that it will start disbursing funds gained from several criminal and civil actions against Gemstar, former Gemstar executives and the audit firm KPMG.
The funds include disgorgement of salary and bonuses, exercised stock options and stock sales that resulted in a multimillion-dollar windfall for former company executives. The funds also include civil penalties won by the SEC.
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