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Cumulus Settles With SEC; No Fine Involved

Cumulus Settles With SEC; No Fine Involved

The owner of the second largest radio station stable in the country, Cumulus Media, reached a settlement with federal regulators over an investigation dating to alleged activity in 1999, according to the company.
The Securities and Exchange Commission alleged that Cumulus violated provisions of the federal securities laws, the group stated, “as a result primarily of the actions of three of its former officers,” Richard W. Weening, the former executive chairman; Richard J. Bonick Jr., the former chief financial officer; and Daniel O’Donnell, the former VP of finance.
There is no monetary fine, and Cumulus does not admit or deny the allegations.
“Cumulus has consented to the entry of an order enjoining Cumulus from future violations of certain provisions of the federal securities laws,” it stated. “Cumulus believes that the SEC settlement represents the last step in resolving the stockholder and regulatory matters that arose over three years ago under its former management.”