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Source: http://www.boston.com/business/technology/articles/2006/10/31/former_mcafee_exec_to_settle_sec_charges/ August 30, 2008 - content has not been altered. Links have been removed.

Former McAfee exec to settle SEC charges October 31, 2006 WASHINGTON --A former senior executive of McAfee Inc. has agreed to pay around $757,000 to settle charges that he played a role in the company's alleged $622 million accounting fraud, the Securities and Exchange Commission said Tuesday. The SEC alleged in a civil lawsuit filed Monday in federal court in San Francisco that Eric Borrmann, who was treasurer and held other senior financial positions at McAfee, aided in fraud from mid-1999 until he left McAfee in July 2000. The SEC also said he used confidential information regarding the fraud to illegally profit from sales of company stock after he had resigned. McAfee, formerly known as Network Associates Inc., agreed in January to pay a $50 million civil fine to settle the SEC's fraud charges, in a case the agency held up as an example of serious corporate misconduct and the intended deterrent effect of stiff punishment. McAfee benefited from the alleged misconduct by using inflated stock for acquisitions, according to the SEC. In October 2003, McAfee restated its earnings to correct for accounting and sales practices that inflated its revenue by $622 million from 1998 through 2000. Under his settlement, Borrmann agreed to pay a civil fine of $314,517 and an additional $314,517 in restitution plus $128,529 in interest. He also will be barred for five years from serving as an officer or director of any public company. Borrmann neither admitted nor denied the SEC's allegations but did agree to refrain from future violations of securities laws. The SEC also has brought enforcement actions against a former McAfee chief financial officer and two former controllers. More recently, the Santa Clara, Calif., company has been caught up in the scandal over suspicious timing of stock option grants, warning investors in July that its past profits probably have been improperly inflated by company insiders' abuse of options. Based on a preliminary investigation ordered by its board, McAfee said it had determined that the timing of some stock options awarded to employees had been manipulated to increase the chances for a huge windfall. The controversy brought the abrupt departure of McAfee chairman and CEO George Samenuk and the firing of president Kevin Weiss. © Copyright 2006 Associated Press. All rights reserved.