Thursday, January 5, 2006

McAfee fined for accounting scam

The US Securities and Exchange Commission has slapped an unusually heavy fine on McAfee for inflating its revenues during the dot.com era. The SEC has stated that between 1998 and 2000 specifically, McAfee overstated its revenues by $622 million, and that for 1998 alone revenues were hiked 131 percent, or $562 million. In order to settle the embarrassing episode quickly, the company has agreed to <A HREF="http://www.techworld.com/news/index.cfm?RSS&NewsID=5098">pay a $50 million fine</A> as punishment for the mis-statements, though it has not admitted to the charges in a formal way.

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