May have been only "reckless fraud." "As most pra

May have been only "reckless fraud."

"As most practitioners know, the securities laws did not explicitly provide for general officer and director bars for the first
50 years of the SEC’s history. The remedy was only added with passage of the Securities Enforcement Remedies and
Penny Stock Reform Act of 1990 (the “Remedies Act”), which added Section 20(e) to the Securities Act of 1933 and
Section 21(d)(2) to the Securities Exchange Act of 1934 to provide that, in any case of willful or reckless fraud, a court
may prohibit a person from acting as an officer or director of a public company —“conditionally or unconditionally, and
permanently or for such period of time as it shall determine” — but only upon a showing of “substantial unfitness” to
serve as an officer or director.1
"

http://www.bingham.com/Publications/Files/200...ector-Bars

Section D, starting in p. 6, discusses Bars Limited in Duration or Scope.  But the entire article is interesting to read.  You cannot read this article and come away from it with the conclusion that the officer bar was imposed without there being any fraud involved.