Security
SEC Costs McAfee $50m
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Security firm McAfee has been settled an investigation with the Securities and Exchange Commission (SEC). The cost is a penalty of $50m. The investigation has been ongoing since March 2002. They centered on the financial results for 2000 and before. McAfee did not admit any wrongdoing, but agreed not to violate any laws in the future. The settlement includes the $50m penalty. Under the Sarbanes-Oxley Act, a portion of this may be designated for a 'Fair Fund'. An independent consultant approved by the SEC will be appointed to conduct a comprehensive review of the company's practices, procedures and policy. Lastly the company's Ethics First program is to be expanded to allow customers, distributors, resellers and suppliers to report suspected, inappropriate, unlawful or unethical behaviour through its anonymous ethics hotline. |
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