Report: Halliburton wants to settle SEC's fraud probe
22 July 2004
WASHINGTON, July 22 (HalliburtonWatch.org) -- Halliburton reportedly wants to settle a federal investigation of claims that it defrauded investors during the period when Vice President Cheney was CEO. The investigation by the Securities and Exchange Commission (SEC) began in 2002 and could be settled next month, according to Bloomberg News. "The fine probably will be lower than recent penalties imposed by the SEC in high-profile cases," reported Bloomberg, citing unidentified government sources. The SEC is investigating whether Halliburton's profit statement illegally reported $234 million in expenses as revenue from 1998 through 2001. It is also investigating whether Halliburton illegally failed to inform investors that it was reporting expenses as revenue. Vice President Cheney was CEO of the company from 1995 to 2000. Halliburton also faces two criminal investigations related to its operations in Iraq and Iran and another SEC probe into alleged bribes to win business in Nigeria.