BusinessCompany NewsFormer KPMG chief settles in Peregrine case

Former KPMG chief settles in Peregrine case

A former principal and managing director of KPMG Consulting has settled with SEC in Peregrine case

The
Securities
and Exchange Commission
(SEC) yesterday filed a settled enforcement action
against a Larry Rodda, a former
KPMG Consulting principal
and managing director, for his role in deceiving investors in a major corporate
accounting fraud at the San-Diego, California-based Peregrine Systems.

Without admitting or denying the SEC’s allegations, Rodda agreed to be
enjoined from breaching the antifraud provisions of the securities exchange
legislation in addition to paying the financial penalty for what has been termed
the biggest accounting fraud in San Diego. He was charged by SEC in 2004 with
aiding and abetting a massive financial fraud orchestrated by senior officers at
the Peregrine Systems, software company, later acquired by Hewlett-Packard
Company.

Rodda pleaded guilty in November 2004 to charges brought by the US Attorney’s
Office for the Southern District of California to one count of conspiracy to
commit securities fraud, wire fraud, bank fraud and falsification of the books,
records and accounts of a public corporation.

On January 23, Rodda was sentenced to six months in the custody of the Bureau
of Prisons, six months of home detention and two years of supervised release.
Twelve other executives – including Peregrine’s former chief executive officer
and chief financil officer – have pleaded guilty in the ongoing criminal case.

Further reading:

Former Peregrine exec facing US fraud charges

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