In a saga that never seems to end, Peter Berman, the former comptroller of Just for Feet Inc., has agreed to pay more than $51,000 in fines to settle allegations by the Securities and Exchange Commission that he participated in a scheme that inflated income at JFF prior to its bankruptcy in 1999. Berman will also be banned from serving as an officer or director of a public company. The payment was ordered by a federal judge last week. Berman did not admit or deny the charges.
The SEC charged that Berman and others failed to disclose the accumulation of millions of dollars of excess inventory in 1998 and improperly booked advertising rebates from vendors without their approval.
