53.2 F
Laguna Hills
Thursday, Mar 28, 2024
-Advertisement-

Ingram Settles McAfee Probe, Gives Up $15M

Santa Ana? Ingram Micro Inc., the largest distributor of technology products, is giving up $15 million to settle its role in accounting issues at Santa Clara-based McAfee Inc.

In 2007, Ingram Micro set aside $15 million in anticipated costs related to a Securities and Exchange Commission probe of security software maker McAfee.

McAfee reached a $50 million settlement with the SEC in 2006 after regulators accused the company of inflating net revenue by $622 million in the late 1990s and early this decade.

According to a Bloomberg report, McAfee engaged in what? known as ?hannel stuffing?selling distributors more than they needed, booking revenue and offering incentives to keep inventory from being returned.

From 1998 to 2000, Ingram was McAfee? largest customer and distributed the company? software. The SEC faulted Ingram for failing to keep accurate records and lacking adequate internal controls related to McAfee software.

Ingram Micro didn? admit or deny any wrongdoing and is giving up the $15 million it had set aside. The settlement shouldn? impact earnings, according to the company.

Want more from the best local business newspaper in the country?

Sign-up for our FREE Daily eNews update to get the latest Orange County news delivered right to your inbox!

-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-
-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-