Kmart Indictments
Two former executives of Troy, Mich.-based Kmart Corp. were indicted on Feb. 26 and charged with a $42.3 million securities fraud stemming from executives’ attempts to meet financial targets. Enio Montini, a former senior vice president and general merchandise manager, and Joseph Hofmeister, a vice president in the same division as Montini, could each face a $1 million fine and up to 10 years in prison for securities fraud and a $250,000 fine and up to five years in prison for conspiracy and making false statements to the Securities and Exchange Commission.
