Diamond Foods Pays $5M To End SEC Walnut Fraud Case

Law360, New York (January 9, 2014, 4:04 PM EST) -- The U.S. Securities and Exchange Commission has cracked a case of alleged accounting fraud, reaching a $5 million settlement Thursday with Diamond Foods Inc. over claims the snack food company falsified walnut costs to boost earnings, according to a statement.

The SEC sued the San Francisco-based company and two of its former executives for violations of several federal securities laws in California federal court for their roles in an accounting scheme. While the company and former CEO Michael Mendes agreed to settle, the SEC’s litigation continues...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Securities And Exchange Commission v. Diamond Foods, Inc.


Case Number

3:14-cv-00123

Court

California Northern

Nature of Suit

Securities/Commodities

Judge

William Alsup

Date Filed

January 9, 2014

Companies

Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.