Feeds

Veritas digs out $30m to bury dotcom ghosts

Creative accounting, as well as resume writing

Boost IT visibility and business value

Veritas today put to bed an interminable accounting scandal dating back to the dotcom bubble, and the reign of its disgraced CFO Kenneth Lonchar.

The SEC said Veritas will dish out $30m to investors who were fiddled by the firm's shady numbers in the first half of the decade.

In May 2005 Veritas said it was ready to cough the sum to the SEC for a spot of mutual accounts fumbling with AOL. In the heady boom days of 2000, they cut a secret deal to illegally bump up each other's revenues by lying about purchases of software licences and advertising.

A spoksewoman for Veritas, a part of Symantec since 2005, said there had been a delay in handing over the cash because of a Changing of the Guard at the SEC. Symantec knew it had inherited a shaky accounts history and set aside the cash when it bought Veritas, though the new watchdogs wanted to re-examine the settlement their predecessors had made.

During its investigation into that dirty trick, the SEC also uncovered that Veritas had cooked the books from 2001 through 2003 to placate investors in the wake of the tech crash.

The shenanigans coincided with the tenure of Lonchar, who made a hasty exit late in 2002 when someone blew the whistle on his creative resume writing. He had claimed falsely to have an MBA. from Stanford ®

Build a business case: developing custom apps

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
Mozilla's 'Tiles' ads debut in new Firefox nightlies
You can try turning them off and on again
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Kaspersky backpedals on 'done nothing wrong, nothing to fear' blather
Founder (and internet passport fan) now says privacy is precious
Banking apps: Handy, can grab all your money... and RIDDLED with coding flaws
Yep, that one place you'd hoped you wouldn't find 'em
TROLL SLAYER Google grabs $1.3 MEEELLION in patent counter-suit
Chocolate Factory hits back at firm for suing customers
Primetime precrime? Minority Report TV series 'being developed'
I have to know. I have to find out what happened to my life
Ex-IBM CEO John Akers dies at 79
An era disrupted by the advent of the PC
prev story

Whitepapers

Gartner critical capabilities for enterprise endpoint backup
Learn why inSync received the highest overall rating from Druva and is the top choice for the mobile workforce.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Rethinking backup and recovery in the modern data center
Combining intelligence, operational analytics, and automation to enable efficient, data-driven IT organizations using the HP ABR approach.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.