SEC charges five former Veritas execs
Two of five defendants will settle fraud case for $278,700; a lawsuit is pending against the other three.
The Securities and Exchange Commission has charged five former executives at Veritas Software with accounting fraud, according to Bloomberg News.
Two of the defendants agreed to settle, paying a total of $278,700, the SEC said. The lawsuit is pending against the other three.
The agency alleged that the ex-executives doctored and manipulated Veritas’ reported financial results.
This is not the first time that Veritas, which makes computer storage software, has had to deal with the SEC. Acquired by Symantec Corp. in 2005, Veritas paid $30 million in February to settle SEC claims that it inflated revenue from a transaction with the AOL unit of Time Warner and used fraudulent accounting tactics to make earnings seem more consistent from 2000 to 2003.
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