SEC investigates disgraced Systemax exec
Former reseller bigwig Fiorentino under spotlight
The SEC has launched an investigation into the reasons behind the departure of shamed Systemax exec Gilbert Fiorentino, the company has confirmed.
CEO of the technology product group, Fiorentino was suspended from the US reseller - parent of Misco and WStore - in April after an independent probe into whistleblower allegations relating to its Florida biz.
The following month he resigned, giving up company assets worth $11m including over one million shares and nearly $500,000 in cash.
The settlement also required him to disclose his and his family's personal assets, forfeit undisclosed assets discovered by the company and reveal information concerning matters that led to his exit.
The business last night confirmed that on 21 June the SEC had "initiated a formal investigation into certain matters discovered by the company during its investigation of its Miami operations".
"The Company intends to cooperate fully with the SEC in its formal investigation and does not expect to comment further on developments related to this matter and disclaims any intention or obligation to update any of the information contained herein, except as required by law," said Systemax in a statement.
As president at US etailer Tiger Direct, Fiorentino transferred with the business when it was sold to Systemax in 1995. He led the Technology Products unit and was made a director of the listed firm from 2004.
He banked a salary of a little over $500,000 in the fiscal year ended 30 April 2010 but bonuses and options took his total rewards to more than $3m, making him the highest paid exec within Systemax.
Fiorentino refused to comment. ®