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December 2, 2005

SEC settles case with ex-Stelmar execs

Peter Goodfellow, 58, former CEO of Stelmar Shipping Ltd., and Stamatis Molaris, 42, the company's former CFO, have agreed to a cease-and-desist order to settle a Securities and Exchange Commission charge that the pair had authorized interest-free loans to themselves from Stelmar in violation of a prohibition under the Sarbanes-Oxley Act.

You can access the SEC ruling here:http://www.sec.gov/litigation/admin/34-52865.pdf

According to the SEC, in October 2003, Molaris approved a loan for about $169,000 to Goodfellow, and Goodfellow approved a $125,000 loan to Molaris. Other directors were not told of the loans,

The loans were later repaid.

After it learned of the loans, in 2004, Stelmar fined Goodfellow $50,000 and Molaris $30,000.

The SEC took these fines into account in agreeing a settlement with the pair that did not involve a further financial penalty.

Stelmar was acquired this year Overseas Shipholding Group Inc.

Goodfellow resigned from Stelmar before the acquisition and Molaris shortly after it.