Reader’s Digest conceals insider payments

As part of its Chapter 11 bankruptcy filing, Reader’s Digest is required to report payments to individuals and companies that are considered “insiders” within one year of the date of the bankruptcy filing. Insiders include officers, directors, board members, equity owners owning at least 5% of the company and other parties that are directly related to the operation or ownership of the company. Reader’s Digest discloses payments of over $28 million to insiders but does not disclose the identity as required by the forms.

For more details read, “Reader’s Digest Omits ‘Insider’ Names From Pay List.

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