A former director of risk management at Brightpoint Inc. has been ordered by a federal judge in New York to pay $50,000 in civil penalties in connection with the fraudulent use of finite reinsurance, the Securities and Exchange Commission announced.

U.S. District Court Judge Harold Baer Jr. in Manhattan on Monday ordered Timothy Harcharik to pay the fine for his role in the finite risk deal struck in 1998 between Brightpoint Inc., a Plainfield, Ind.-based mobile telephone distributor, and insurer American International Group, the SEC said.

The final judgment against Mr. Harcharik followed a four-day trial in May that found him liable for aiding and abetting the fraud scheme. Two other Brightpoint officials charged in the case previously settled with the SEC.

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