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U.S. SEC Announces $67 Million Fair Fund Distribution in McAfee Fraud Settlement February 22, 2010 (Xinhua News Agency - CEIS) The U.S. Securities and Exchange Commission Monday announced the distribution of approximately 67 million dollars to more than 16,000 investors in connection with McAfee, Inc. financial fraud settlements. The Fair Fund was created after McAfee (formerly Network Associates, Inc.), agreed to pay approximately 50 million dollars in penalties and disgorgement to settle SEC charges in 2006 that it defrauded investors by overstating its revenues and earnings. Subsequently, the proceeds from three other settled SEC enforcement actions related to the McAfee financial fraud were added to the Fair Fund: Ingram Micro; Eric G. Borrmann; and Terry W. Davis.
Settlements in these actions added more than 16 million dollars to the Fair Fund, according to the SEC. "The McAfee Fair Fund distribution demonstrates the Commission' s continuing commitment to using the Fair Fund provisions of the Sarbanes-Oxley Act of 2002 to return money to investors injured by securities law violators," said Antonia Chion, Associate Director of the SEC's Division of Enforcement. |
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