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Stock impact report

5 takeaways from SEC's actions in ADM accounting scandal [Yahoo! Finance]

Archer-Daniels-Midland Company (ADM) 
Last archer-daniels-midland company earnings: 4/29 04:05 pm Check Earnings Report
US:NYSE Investor Relations: adm.com/contact-us/investor-relations
Company Research Source: Yahoo! Finance
In a one-two punch this week, the Securities and Exchange Commission finally showed its cards with regard to the scandal around intersegment sales accounting practices that has hung over Archer-Daniels-Midland for two years. The SEC on Tuesday announced settled accounting and disclosure fraud charges against the Chicago-based grain trader giant and two former executives — including Ray Young, ADM's CFO from 2010 to 2022. Separately, regulators also filed a lawsuit charging accounting fraud against ex-CFO Vikram Luthar, a holdout who served as ADM CFO from April 2022 to mid-2024. At the core of the case: the SEC alleges Luthar materially inflated the performance of the company's key Nutrition business segment when it was falling short of operating profit targets in fiscal years 2021 and 2022. As part of the settlement, ADM agreed to pay a $40 million civil fine without admitting or denying the SEC's findings. It also announced the closure of the SEC and Department of Justice inves Show less Read more
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