Defendant Name:
Diebold, Inc.
Defendant Type:
Public Company
Document Reference:
2010-93
Document Details
Legal Case Name
SEC v. Diebold, Inc.
Document Name
SEC Charges Diebold and Former Executives With Accounting Fraud
Document Date
02-Jun-2010
Document Format
Civil Proceeding
Case Number
10-cv-00908
Federal District Court
District of Columbia, District of Columbia
Federal District Judge
Paul L. Friedman
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On June 2, 2010, the SEC announced that it charged Diebold, Inc. ("Diebold"), an Ohio-based company that manufactures and sells ATMs, bank security systems and electronic voting machines, for engaging in a fraudulent accounting scheme to inflate its earnings. According to the SEC's complaint against Diebold, filed in U.S. District Court for the District of Columbia, the company manipulated its earnings from at least 2002 through 2007 to meet financial performance forecasts and made material misstatements and omissions to investors in dozens of SEC filings and press releases. Diebold's improper accounting practices misstated the company's reported pre-tax earnings by at least $127 million. Without admitting or denying the SEC's charges, Diebold consented to a final judgment ordering payment of the $25 million penalty and permanently enjoining the company from future violations of the antifraud, reporting, books and records, and internal control provisions of the federal securities laws.
Disgorgement & Penalty Information
Monetary Penalties:
Civil Penalty
Individual:
$25,000,000.00
Shared:
