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Stock impact report

ADM's ex-CFO faces federal fraud charges [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
The former CFO of ag giant Archer Daniels Midland is facing federal allegations of accounting and disclosure fraud. In a complaint filed Tuesday in the U.S. District Court for the Northern District of Illinois, the Securities and Exchange Commission accused Vikram Luthar of artificially inflating the value of ADM's nutrition business unit during his tenure as finance chief. The federal regulator said that Luthar directed a series of retroactive “adjustments” to the segment “with the goal of making it appear that Nutrition was meeting its performance targets.” “Although Luthar disguised that goal using innocuous terms like ‘risk sharing' or other euphemisms, the adjustments, in practical effect, allowed Nutrition to: (a) rewrite its sales agreements after the fact; (b) grab revenue from other business segments that it was not entitled to; (c) shed expenses it had already incurred; and (d) pick better historical prices for sales that were already completed,” the SEC's 44-page compl Show less Read more
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