Diamond Foods charged with falsifying walnut costs

The SEC says the company’s financial team cooked the books to hide higher costs from growers

The SEC felt that Diamond Foods was getting a little nutty with falsifying company statements and has filed charges as a result against two Diamond Foods executives as well as the company itself.

According to an SEC statement, former Diamond financial officer Steven Neil instructed his team to underreport money paid to walnut growers by delaying the record of these payments to later fiscal periods. In doing so, Diamond was able to report fraudulently high net income statements for the fiscal years 2010 and 2011.

Assistant Editor

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Zach Warren

Zach Warren is Assistant Editor of InsideCounsel magazine, where he oversees online content submissions and administers InsideCounsel's enewsletters. Zach specializes in new media and multimedia...

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