SEC charges former Carter's executive with fraud

A former sales executive at clothing marketer Carter's committed financial fraud by manipulating the amount of discounts granted to one of the company's largest customers, US securities regulators alleged in a civil lawsuit. The US 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.