Whistleblower awarded $22 million for alerting SEC about Monsanto’s misstated earnings

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A former financial executive at Monsanto Co. will collect a nearly $22.5 million reward for alerting the Securities and Exchange Commission to alleged accounting violations related to the company’s trademark weedkiller, a lawyer for the whistleblower said.

The SEC said [Aug. 30] it granted a reward. . . but it didn’t disclose information about the case. It credited the whistleblower’s “detailed tip and extensive assistance” with helping to stop a “well-hidden fraud” at the tipster’s company.

Monsanto agreed in February to pay $80 million to settle accusations of accounting violations relating to a rebate program for Roundup, its signature herbicide. The SEC said. . . that Monsanto didn’t properly account for tens of millions of dollars in rebates the company paid to retailers and distributors . . ., leading Monsanto to “materially” misstate its earnings over a three-year period. Monsanto agreed to the penalty while not admitting or denying the SEC’s allegations. . .

A representative for Monsanto declined to comment.

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Stuart Meissner, the attorney who represented the whistleblower, said his client went to the SEC only after first trying to correct the issues internally.

 The GLP aggregated and excerpted this blog/article to reflect the diversity of news, opinion and analysis. Read full, original post: Monsanto Whistleblower to Collect $22 Million SEC Reward

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