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Sarbanes-Oxley News & Developments
Fleming, Suppliers Settle with SECAllegations stemmed from what it said was widespread accounting fraud.
> > The SEC accused the grocery distributor of improperly inflating earnings by buying too much inventory near the ends of quarters.
To settle the charges, Fleming, the suppliers, and the supplier employees each consented to commission orders to cease and desist from violations. The suppliers and employees also agreed to pay civil penalties ranging from $100,000 to $400,000 for the suppliers and from $25,000 to $75,000 for the supplier employees involved.
Source: CFO
Published:2004-09-16
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