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September 30, 2003

CEO Is Fined Under Reg FD

By Gregory Bresiger

A corporate boss, who in a private meeting with portfolio managers disputed earnings estimates on the company prepared by analysts, has been fined by the Securities and Exchange Commission. He is the first individual penalized under Reg FD by the SEC, which settled the case against Richard Kogan, former chairman and CEO of Schering-Plough.

The company agreed to pay a $1 million civil penalty. Kogan agreed to pay $50,000. Reg FD was introduced in August 2000 to prevent selective disclosure of sensitive market news.