The U.S. Securities and Exchange Commission said on Monday that three former Dynegy Inc executives settled charges for their role in a $300 million accounting fraud that involved disguising a loan as operating cash flow.

Former Chief Financial Officer Robert Doty will pay more than $375,000 to settle the SEC charge, the agency said in a statement.

Gene Foster, the energy company's former vice president of taxation, and Helen Sharkey, Dynegy's former manager of accounting-deal structure, also settled charges that they were involved in creating and implementing the scheme known as Project Alpha.

Dynegy's stock lost more than half its value on April 26, 2002, the day after the Houston-based company disclosed an SEC investigation into the project.

The company later agreed to pay $465 million to settle a shareholder lawsuit, paid a $3 million penalty to the SEC and had to restate its 2001 earnings downward.

Foster and Sharkey agreed not to appear or practice again before the SEC as accountants but are not paying any fines.

All three of the former executives did not admit or deny wrongdoing as part of the settlements.

According to the SEC, Doty was involved in the decision to proceed with Project Alpha and improperly disguised a loan as operating cash flow to minimize the gap between the company's reported net income and cash flow from operations.

Foster and Sharkey both disregarded accounting advice from the company's outside auditor and concealed critical transaction details from the auditor, the SEC alleged.

Glad that's behind her. It's been a long time coming, said Jim Lavine, Sharkey's lawyer.

Foster's lawyer declined comment and Doty's lawyer was not immediately available for comment.

Shares of Dynegy closed up 20 cents, or 2.2 percent, to $9.44 on the New York Stock Exchange on Monday.

(Reporting by Rachelle Younglai, editing by Tim Dobbyn)