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ADM to Pay $40M Fine to Settle SEC Accounting Fraud Charges
['Jason Bramwell']
CPA Practice Advisor
The SEC also reached settlements Tuesday with Vince Macciocchi, Nutrition’s former president, and Ray Young, ex-CFO at ADM.
A separate complaint against Vikram Luthar, former CFO of Nutrition and later of ADM, has yet to be resolved.
With the agreement, the U.S. Department of Justice closed a related criminal probe without bringing charges, according to Reuters.
The SEC’s complaint against Luthar alleges that he directed “adjustments” to Nutrition’s transactions with other ADM business segments when Nutrition was falling short of its operating profit targets for fiscal years 2021 and 2022.
The SEC said it considered ADM’s cooperation and significant remedial measures in accepting its settlement offer.