McCann Erickson Pays $12M To Settle Fraud Charges

Law360, New York (May 1, 2008, 12:00 AM EDT) -- Global advertising network McCann Erickson Worldwide will pay $12 million to settle charges it misreported intercompany transactions and then deliberately delayed addressing the issue in order to meet internal profit targets, the U.S. Securities and Exchange Commission said Thursday.

The commission brought the enforcement actions against New York-based McCann Erickson and its parent company, Interpublic Group of Companies Inc., along with two former executives.

The SEC said McCann, which owns hundreds of regional and local advertising agencies throughout the world, failed to expense intercompany charges, instead...
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