Former Spiegel executives settle with SEC

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Eight ex-Spiegel employees have settled with the Securities and Exchange Commission on charges they overstated the performance of Spiegel's credit card business and withheld financial reports.

The individuals involved are former Spiegel co-presidents Michael Moran and James Sievers, former CEO Martin Zaepfel, former CFO James Cannataro, former treasurer John Steele, former chairman Michael Otto and two former directors, Michael Crusemann and Horst Hansen.

The penalties range from $120,000 to $170,000. Mr. Hansen was the only defendant whose settlement did not include a civil penalty. The defendants agreed to the settlements without admitting or denying the charges.

Spiegel Inc. exited from bankruptcy last year and is now known as Eddie Bauer Holdings Inc., Redmond, WA,


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