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McAfee fined $50 million

by Jordan Running on January 5, 2006 at 12:20 PM

Veteran security and anti-virus company McAfee has agreed to pay a $50 million fine for inflating its revenues by $622 million between 1998 and 2000—131% in 1998 alone. According to Red Herring, "McAfee consented to pay the multimillion-dollar penalty to the SEC without admitting or denying the allegations of the complaint." The SEC will distribute the fine among investors.

[Via Slashdot]

Tags: anti-virus, fraud, mcafee, red herring, RedHerring, sec, stock market

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