Text 14411, 105 rader
Skriven 2006-01-06 09:10:00 av George Vandervort (1:382/8)
  Kommentar till text 14407 av Jean Parrot (1:123/140)
Ärende: McAfee
==============
Hello Jean!

FYI, here is some new Info on McAfee..

Friday January 06 2006 09:13, JEAN PARROT wrote to JAY EMRIE:

 JP>          Good morning Jay, I hope that you are having a nice day !
 JP>
 JE>> Believe me - there are many many instances of AOL left in the
 JE>> directory after doing a regular uninstall!!!
 JP>
 JP>         I had you in mind when uninstalling the Suite. But I still
 JP>    have AOL running here. What is gone is the Spam-Virus-FW portion of
 JP>    AOL. This only came out a week or so ago and is on Beta only.
 JP>    Messed me up for sure. The virus is McAfee, I do not know where the
 JP>    FW comes from. They had this Spam control for ages now.
 JP>
 JP>
 JP>        Again in TI!   27D 44.475'N   082D 45.356' W
 JP>           Have a great day !
 JP>
 JP> ___ Blue Wave/DOS v2.30
 JP> -+- Platinum Xpress/Win/WINServer v3.0pr5
 JP>  + Origin: Try Our Web Based QWK: DOCSPLACE.ORG (1:123/140)



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http://www.mercurynews.com/mld/mercurynews/business/13554653.htm

Posted on Thu, Jan. 05, 2006

McAfee fined $50 millionANTI-VIRUS SOFTWARE MAKER SETTLES WITH SEC, ADMITS NO
WRONGDOING IN ACCOUNTING FRAUD CASEBy Mark SchwanhausserMercury NewsMcAfee
agreed on Wednesday to pay a $50 million fine -- perhaps the largest in Silicon
Valley history -- as part of a deal that closes the Securities and Exchange
Commission's investigation of the software company's accounting scandal.

The SEC probe of Santa Clara-based McAfee -- previously known as Network
Associates -- focused on ``manipulative accounting artifices . . . and
undisclosed ploys'' that executives used to inflate revenues and pump up the
company's stock price from early 1998 through 2000.

As part of the settlement, the company, the nation's No. 2 maker of anti-virus
software, did not admit or deny the SEC's allegations. In addition to the $50
million fine, McAfee agreed to appoint an independent consultant to conduct a
one-time review of its accounting practices. It also will expand its ethics
program.
According to the SEC, McAfee executives engaged in a ``fraudulent scheme'' that
overstated its revenues and profits by more than a half-billion dollars. In
1998 alone, the company inflated its revenues by $562 million -- well more than
double the actual total.

The accounting scandal at McAfee also has resulted in criminal charges against
three former executives, forced the resignations of its chairman and CEO Bill
Larson, triggered shareholder lawsuits and prompted the company to overhaul its
board of directors to make it more independent from executives.
On Wednesday, current chairman and CEO George Samenuk said, ``We are pleased to
be able to reach this settlement and will take this opportunity to reinforce
and further institutionalize the strong message of putting ethics first, which
I have made the hallmark of McAfee since joining in January 2001.''
The $50 million fine to compensate investors ranks among the largest since
Congress granted the SEC new powers to levy penalties in the wake of scandals
at Enron, WorldCom and other companies. As recently as 2002, the biggest
fine was a $10 million penalty against Xerox.

Since then, the SEC has hit WorldCom with a $750 million fine; and a half-dozen
companies, including Time Warner AOL, Qwest Communications and Computer
Associates have been forced to pay at least $100 million, according to CFO.com.

Though there is a wide gulf between WorldCom's punishment and McAfee's, only
about 1 percent of SEC investigations result in fines at all, said Lynn Turner,
a former SEC chief accountant and director of research for Glass, Lewis, which
tracks corporate governance issues.

While Turner declined to comment specifically about McAfee's fine, he said it
takes several misdeeds to join the pantheon of fined companies. ``When you see
a case that has repetitive restatements, repetitive bad behavior, a lack of
cooperation with the SEC, coupled with large stockholder losses, then that
company should expect larger fines in order to provide restitution to those who
incurred the losses.''
When the scandal began to unravel, the company's stock plunged more than 60
percent in a single day.
While this closes a dark chapter in McAfee's corporate story, the criminal
cases continue against three top executives. Former chief financial officer
Prabhat K. Goyal has been indicted for numerous securities violations. Former
controller Terry W. Davis and former senior financial officer Evan S. Collins
pleaded guilty to securities fraud in 2003 and 2005, respectively, and are
awaiting sentencing.

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Regards,
George Vandervort
InterNet EMail: georgev@austin.rr.com
Tech Support: http://home.austin.rr.com/llr/tech.html

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