Two Former CFOs To Pay Nearly Half a Million In Clawbacks

Two former Silicon Valley CFOs agreed to return nearly half a million dollars in bonuses and stock sales profits they received while their company was allegedly committing accounting fraud. The Securities and Exchange Commission said William Slater and Peter Williams III received $337,375 and $141,992 while Saba Software presented materially false and misleading financial statements. Saba had overstated its pre-tax earnings and made material misstatements about its revenue recognition practices while Slater and then Williams served as CFO, the SEC alleged. Last year, the SEC charged Saba and two former executives responsible for accounting fraud.

Copyright © 2015 MarketWatch, Inc.