Ex-Systemax executive barred as officer in deal

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Associated Press

Posted on September 17, 2012 at 3:01 PM

WASHINGTON (AP) — A former executive of the retailer that owns the CompUSA and Circuit City brands will be barred from serving as an officer or director of any public company to settle federal civil charges of failing to disclose extra compensation.

Gilbert Fiorentino, formerly chief executive of Systemax Inc.'s technology products group, also is paying a $65,000 fine. That's in addition to about $9.6 million in company stock options and bonus that he agreed to surrender last year.

The Securities and Exchange Commission announced the settlement Monday with Fiorentino, who also was a Systemax director.

The SEC says he received about $400,000 from companies that did business with Systemax in addition to his regular compensation, and that he stole several hundred thousand dollars' worth of company merchandise used to market Systemax products.

The deal is subject to court approval.

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