Washington Post: SEC will charge AOL

Washington Post article: “The Securities and Exchange Commission is preparing documents alleging that Time Warner Inc. booked more than $400 million in questionable advertising revenue following the company’s January 2001 merger with America Online Inc., according to people familiar with the investigation….The most prominent single item in the Time Warner matter is a $400 million ad deal with the German media giant Bertelsmann AG, federal sources said.
(snip)
…The SEC is refusing to approve any new stock offerings by Time Warner or any of its divisions while the Bertelsmann issue hangs in the balance.”
A friend who (still) works at AOL says “Time Warner just wants to get all this over with and then sell the company.”