Anicom Execs Indicted

Jason Sandefur

Senior executives for Anicom Inc., the former wire and cable company started by Anixter-founder Alan Anixter, were indicted on charges they overstated pretax earnings to inflate the company�s value before filing for bankruptcy in 2001.
Anixter International Inc., the parent company of fastener distributor Anixter-Pentacon, was sold in 1986 to billionaire Sam Zell and is not affiliated with Anicom or Alan Anixter.
The Chicago Tribune reported that former Anicom CEO Carl Putnam; former CFO Donald Welchko; and former executives John Figurelli, Daryl Spinell, Ronald Bandyk, and Renee LeVault were all indicted for three counts of securities fraud. In addition, Putnam and Welchko face five counts of bank fraud, five counts of making false statements to financial institutions, eight counts of making false statements to the SEC, and four counts of falsifying financial records.
Alan Anixter and his son Scott Anixter, who was also involved at Anicom, were not indicted.
Alan Anixter started Anicom in 1993 to compete with the company he sold to Zell in 1986. �2003 FastenerNews.com