SEC charges two Kmart ex-bosses

US watchdogs have charged two ex-top executives of Kmart with fraud in the lead up to the retailer’s bankruptcy.

The Securities and Exchange Commission (SEC) has accused ex-chief executive Charles Conway and ex-finance chief John MacDonald of misleading investors.

The men made “materially false” statements about Kmart’s ability to pay its bills in the lead up the firm’s bankruptcy in 2002, the SEC alleged