A woman waits for an elevator in the foyer of the Fort Worth Regional Office of the Securities and Exchange Commission (SEC) in Fort Worth, Texas June 28, 2012. REUTERS/Mike Stone

WASHINGTON (Reuters) - The U.S. Securities and Exchange Commission said it charged on Monday shipping conglomerate Overseas Shipholding Group (OSG) and its former chief financial officer Myles Itkin with failing to recognize some $512 million in tax liabilities.

OSG, which filed for bankruptcy protection in 2012 after the discovery of the tax liabilities, has agreed to pay a $5 million penalty subject to bankruptcy court approval, and Itkin agreed to pay a $75,000 penalty, the SEC said in a statement.