Ex-Network Associates CFO Accused of Fraud
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The Securities and Exchange Commission on Wednesday filed civil charges of accounting fraud and insider trading against a former Network Associates Inc. chief financial officer.
Prabhat Goyal was accused of overstating revenue and earnings from the second quarter of fiscal 1998 through the fourth quarter of fiscal 2000 and selling stock during that time, the SEC said in a statement.
Software group Network Associates said in March that it had understated its 2003 results because of the way it booked deferred revenue.
The company is known for its McAfee anti-virus and computer security products.
The Santa Clara, Calif.-based company last year disclosed a massive restatement of results going back to 1998, stemming from two federal probes into its accounting.
Stephen Jonas, an attorney for Goyal, could not immediately be reached for comment.
Network Associates shares fell 17 cents to $16.75 on the New York Stock Exchange.
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