Saturday, June 30, 2007

Four Former ConAgra Execs Settle SEC Accounting Fraud Charges

Four former finance executives at ConAgra Foods, Inc., settled SEC civil enforcement and administrative actions for their roles in a variety of accounting entries that inflated the company's earnings and resulted in misstated financial statements being filed.  The executives served at one time as the CFO, controller, and vice president for taxes, and according to the SEC Litigation Release (here): "These enforcement actions variously address alleged improper accounting practices, inaccurate disclosure and income tax errors occurring between ConAgra's fiscal years 1999 and 2005 that resulted in ConAgra materially misstating its financial performance in its public statements and periodic filings with the Commission."  The defendants will pay a total of $1.7 million in disgorgement, prejudgment interest, and civil penalties. (ph)

Civil Enforcement, Fraud, Securities, Settlement | Permalink

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