ADM to Pay $40 Million to Settle SEC Accounting Fraud Probe (1)

Archer-Daniels-Midland Co. agreed to pay $40 million to settle US Securities and Exchange Commission allegations that former executives sought to boost a flailing business unit’s bottom line to meet company targets, the regulator said Tuesday.

The Chicago-based company didn’t admit to or deny the SEC’s allegations. Two former executives, Vince Macciocchi and Ray Young, agreed to pay more than $500,000 each including disgorgement and civil penalties.

“We are pleased to put these matters behind the company,” said ADM Chief Executive Officer Juan Luciano. ADM also said the Department of Justice had closed its investigation of the company with no ...