Ex-Veritas CFO Settles SEC Fraud Suit Over Fudged Earnings

Law360, New York (July 23, 2012, 2:19 PM EDT) -- The former chief financial officer of Veritas Software Corp. on Friday agreed to settle allegations in California federal court that he misled investors by distorting company earnings in filings with the U.S. Securities and Exchange Commission, ending a five-year SEC suit that ensnared five Veritas executives.

Kenneth Lonchar agreed to pay repay $300,000 in profits and $100,000 in penalties to SEC claims that he engaged in three types of "smoothing violations" by using non-GAAP accounting measures to improperly try to lower earnings to meet expectations between 2000...
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