SEC fines Diebold $25 million for using fraudulent tactics to inflate earnings
Diebold, which manufactures and sells ATMs, bank security systems and electronic voting machines, has agreed to pay a $25 million penalty, according to the SEC.
The SEC filed a separate enforcement action against Diebold’s former CEO Walden O’Dell for financial benefits he received while Diebold was committing accounting fraud. O’Dell has agreed to reimburse cash bonuses, stock and stock options under the “clawback” provision of the Sarbanes-Oxley Act, the SEC said.
The case against Diebold’s former Chief Financial Officer Gregory Geswein, former Controller and later CFO Kevin Krakora, and former Director of Corporate Accounting Sandra Miller is ongoing.
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