ADM to pay $40M to settle federal accounting probe
ADM to pay $40M to settle federal accounting probe
Archers-Daniels-Midland has agreed to pay $40 million to resolve a Securities and Exchange Commission investigation into its accounting practices.
The SEC filed an order Tuesday instituting cease-and-desist proceedings which laid out the terms of the agreement. It alleges former ADM Nutrition CFO Vikram Luther and Vince Macciocchi, Nutrition’s former president, “led a series of transactions that inflated Nutrition’s operating profit at the expense of ADM’s other segments.”
It also claims former
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