 |
|
|
|
|
 |
|---|
|
Kevin Weiss FraudMcAfee fired their president Kevin Weiss after allegations of a stock-options investigation. As well the McAfee's CEO stepped down in the wake of this investigation. An investigation by a McAfee special committee of the company's board of directors into the way that certain stock options were granted in the last 10 years lead to the accusations. The committee found that McAfee will need to restate some of its historical financial results, which will result in a charge of at least $100 million to the company. In the past there have been many articles written about McAfee scam software but never any allegations as to a McAfee stock fraud or Kevin Weiss fraud. In the wake of so many accounting and stick scandals how does this kind of Kevin Weiss fraud continue to take place? No only that but this is not the first time McAfee has been involved in a scandal. Between 1998 and 2000, McAfee overstated its revenues by $622 million, and in 1998 alone revenues were hiked 131 percent, or $562 million. The company paid $50 Million for the scam. All this is according to the SEC. Also, McAfee uses a company used one of its own subsidiaries, Net Tools, to repurchase inventory that is not sold and should be returned to McAfee. With such a history of the McAfee fraud wouldn't you think this company would be extra careful regarding their stock options? Apparently Kevin Weiss didn't think so and as a result the claims of a Kevin Weiss Fraud or Kevin Weiss Scam will go down in history.
|
