UPDATE 1-SEC charges ex-Carter’s executive with fraud

* Former Carter’s sales executive hid discounts-SEC

* Company receives non-prosecution agreement

SAN FRANCISCO, Dec 20 (BestGrowthStock) – A former sales executive
at clothing marketer Carter’s (CRI.N: ) committed financial fraud
by manipulating the amount of discounts granted to one of the
company’s largest customers, U.S. securities regulators alleged
in a civil lawsuit.

The U.S. Securities and Exchange Commission on Monday
accused Joseph Elles, a former executive vice president at
Carter’s, of concealing the discounts from the company’s
accountants, the lawsuit said.

Elles’s attorney was not immediately available to comment.

Carter’s entered into a non-prosecution agreement with the
SEC and will not be charged with any violations of federal
securities laws, regulators said in a statement.

That agreement reflects Carter’s “exemplary and extensive
cooperation” in the investigation, the SEC said.

Carter’s did not immediately respond to a request for a
comment.
(Reporting by Dan Levine. Editing by Robert MacMillan)

UPDATE 1-SEC charges ex-Carter’s executive with fraud