A former managing director with Canadian Imperial Bank of Commerce agreed to pay US$528,750 to settle Securities and Exchange charges brought in connection with the Enron Corp. scandal, the SEC said yesterday.

The SEC complaint alleged that Ian Schottlaender and others arranged 34 “disguised loans” that enabled Enron to overstate reported earnings by more than US$1 billion, to increase reported operating cash flows by almost US$2 billion, and to avoid disclosure of more than US$2.6 billion in debt on its financial statements between June 1998, and October 2001.

Schottlaender agreed to pay disgorgement of US$249,000, a penalty of US$249,000, and prejudgment interest of US$30,750. He is also barred from serving as an officer or director of a publicly traded company for five years, the SEC order said.

Schottlaender consented to the order without admitting or denying the allegations, the SEC said.

Energy company Enron collapsed in December 2001.