LAWSUITS NEWS & LEGAL INFORMATION
Securities Fraud
New York, NY: (May-01-08) The US Securities and Exchange Commission (SEC) brought charges against Interpublic Group of Cos. subsidiary McCann-Erickson, alleging that the company engaged in fraud. The suit was brought over inter-company accounting practices at McCann, and in a separate suit named two former executives, Salvatore LaGreca and Brian Watson, for their roles. Officials claimed that LaGreca served as McCann's vice chairman of finance and operations from January 1996 to October 2002 and that Watson was director of operations for McCann's European-Middle East-Africa region in 1996.
In a recent announcement, the company stated that it has reached a settlement with the SEC, in which McCann-Erickson will pay a $12 million civil penalty. The New York-based company that provides advertising and marketing services, also stated that the issues under investigation were addressed in a restatement of Interpublic's results from 1997 to 2002, and did not involve client funds. [YAHOO FINANCE: INTERPUBLIC GROUP OF COS. REACHES $12M SETTLEMENT WITH SEC ON FRAUD CHARGES]
Published on May-3-08
In a recent announcement, the company stated that it has reached a settlement with the SEC, in which McCann-Erickson will pay a $12 million civil penalty. The New York-based company that provides advertising and marketing services, also stated that the issues under investigation were addressed in a restatement of Interpublic's results from 1997 to 2002, and did not involve client funds. [
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