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MagnaChip Semiconductor, ex-CFO settle accounting fraud charges -SEC
May 1, 2017 / 8:37 PM / in 7 months

MagnaChip Semiconductor, ex-CFO settle accounting fraud charges -SEC

WASHINGTON, May 1 (Reuters) - MagnaChip Semiconductor Corp and its former chief financial officer have agreed to settle charges related to an alleged accounting scheme to artificially boost revenue and manipulate financial results, the U.S. Securities and Exchange Commission said on Monday.

Without admitting or denying the findings, South Korea-based MagnaChip agreed to pay a $3 million penalty and former CFO Margaret Sakai agreed to pay a $135,000 penalty, the SEC said in a statement.

Reporting by Eric Beech; Editing by David Alexander

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