$12 Mil. And Six Years of Legal Fees Later…

I’m a creative. Accounting might as well be rocket science, because that’s about how familiar I am with it. You’d never see me succeeding in an accounting degree program. Despite this personal inadequacy, I bring you this from Ad Age, a story on accounting practices gone wrong at McCann.

Interpublic Group of Cos. and its global agency network McCann Erickson Worldwide today said it will pay $12 million to end a longtime accounting probe by the U.S. Securities and Exchange Commission.
Resolution of the charges, while anticipated, brings to a close a long-running federal investigation into the company’s accounting practices that began in the fall of 2002 and prompted turmoil including a slew of financial restatements to fix its improper bookkeeping and a revolving door of senior leadership.
“We are very pleased to have settled with the SEC and we believe this matter is now behind us,” said Interpublic Chairman-CEO Michael I. Roth.

Okay, now back to our regularly scheduled programming…

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About David Burn

Native Nebraskan in the Pacific Northwest. Chief Storyteller at Bonehook, a guide service and bait shop for brands. Co-founder and editor of AdPulp. Contributor to The Content Strategist. Doer of the things written about herein.