SEC sues five former Veritas executives for fraud

veritas logoThe SEC filed lawsuits against five former executives of Veritas Software on the grounds that they each played a role in an accounting fraud, itentionally manipulating the company’s financial performance over the course of three years. While the former controllers of the company will pay $278,000 to settle the allegations against them, three of the five executives, including former CEO Mark Leslie, have yet to reach a settlement.

This settlement comes after a $30 million payout by the company to the SEC to settle allegations that it had overstated revenues from a deal with AOL’s Time Warner, in addition to using accounting maneuvers to make earnings seem more consistent from 2000 to 2003. With the previous settlement, the company had neither admitted nor denied wrongdoing.


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