Former Enron Chief Financial Officer Jeffrey McMahon has agreed to pay $300,000 to settle allegations that he helped the company commit fraud, the Securities and Exchange Commission said Wednesday.

McMahon, who neither admitted nor denied the allegations, also agreed to be barred from acting as an officer or director of a public company for five years.

Under the settlement agreement, which is subject to the approval of the U.S. District Court, McMahon will pay disgorgement of $150,000 and a civil penalty of $150,000.