Feeds

Veritas digs out $30m to bury dotcom ghosts

Creative accounting, as well as resume writing

Top 5 reasons to deploy VMware with Tegile

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 ®

Beginner's guide to SSL certificates

More from The Register

next story
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
Lords take revenge on REVENGE PORN publishers
Jilted Johns and Jennies with busy fingers face two years inside
Yes, yes, Steve Jobs. Look what I'VE done for you lately – Tim Cook
New iPhone biz baron points to Apple's (his) greatest successes
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Ex-US Navy fighter pilot MIT prof: Drones beat humans - I should know
'Missy' Cummings on UAVs, smartcars and dying from boredom
Sysadmin with EBOLA? Gartner's issued advice to debug your biz
Start hoarding cleaning supplies, analyst firm says, and assume your team will scatter
Edward who? GCHQ boss dodges Snowden topic during last speech
UK spies would rather 'walk' than do 'mass surveillance'
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
Three 1TB solid state scorchers up for grabs
Big SSDs can be expensive but think big and think free because you could be the lucky winner of one of three 1TB Samsung SSD 840 EVO drives that we’re giving away worth over £300 apiece.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.