BUSINESS BRIEFING / REGULATION
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Ingram Micro Inc. will forfeit $15 million to settle a U.S. regulator’s claims over the Santa Ana firm’s role in McAfee Inc.’s accounting fraud.
Ingram, McAfee’s largest customer, collected millions of dollars while engaging in “highly irregular transactions” from 1998 to 2000, the Securities and Exchange Commission said in a statement. The SEC faulted Ingram for failing to keep accurate records and lacking adequate internal controls.
McAfee reached a $50-million settlement with the SEC in 2006 after the agency accused the anti-virus software maker of inflating net revenue by $622 million over three years.
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