SEC Announces $67 Million Fair Fund Distribution to Harmed Investors in McAfee Financial Fraud Settlement
FOR IMMEDIATE RELEASE
Washington, D.C., Feb. 22, 2010 — The Securities and Exchange Commission today announced the distribution of approximately $67 million to more than 16,000 investors in connection with McAfee, Inc. financial fraud settlements.
The Fair Fund was created after McAfee (formerly Network Associates, Inc.), agreed to pay approximately $50 million in penalties and disgorgement to settle SEC charges in 2006 that it defrauded investors by overstating its revenues and earnings.
Subsequently, the proceeds from three other settled SEC enforcement actions related to the McAfee financial fraud were added to the Fair Fund: Ingram Micro; Eric G. Borrmann; and Terry W. Davis. Settlements in these actions added more than $16 million to the Fair Fund.
"The McAfee Fair Fund distribution demonstrates the Commission's continuing commitment to using the Fair Fund provisions of the Sarbanes-Oxley Act of 2002 to return money to investors injured by securities law violators," said Antonia Chion, Associate Director of the SEC's Division of Enforcement.
The Distribution Agent responsible for the McAfee distribution is Jeffrey Plotkin. Investor questions regarding the distribution may be directed to Mr. Plotkin at 1-800-893-4359. Information regarding the distribution also can be obtained at http://www.McAfeeSECsettlement.com.
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For more information about these enforcement actions, contact:
Associate Director, SEC Division of Enforcement
Yuri B. Zelinsky
Assistant Director, SEC Division of Enforcement
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