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US Regulators Charge Mexican Broadcasting Company with Fraud

U.S. regulators have charged Mexico's second-largest television broadcasting company and its chairman with fraud.

The Securities and Exchange Commission Tuesday alleged that TV Azteca chairman Ricardo Salinas Pliego, and two other company executives, concealed Mr. Salinas' role in debt transactions through which he made $109 million.

The agency also alleged that Mr. Salinas and another company executive sold millions of dollars of company stock while shareholders were unaware of Mr. Salinas' role in the debt scam.

The agency said it is seeking fines, repayment of illegal profits and injunctions against future securities violations. TV Azteca is publicly traded in the United States.

The charges caused TV Azteca's stock to fall about nine percent on Wall Street. Company shares also declined in trading in Mexico.

Some information for this report provided by AP.