Bargains for Under $25 HP Envy 34 All-in-One PC Review Best Fitbits T-Mobile Data Breach Settlement ExpressVPN Review Best Buy Anniversary Sale Healthy Meal Delivery Orville 'Out Star Treks' Star Trek
Want CNET to notify you of price drops and the latest stories?
No, thank you

Nvidia exec settles SEC earnings case

Nvidia's former chief financial officer reached a $671,695 settlement with the U.S. Securities and Exchange Commission on Thursday, in a case that alleged that the graphics chipmaker intentionally omitted $3.3 million in supplier expenses from its books.

Christine B. Hoberg, 48, agreed to settle the civil complaint without admitting or denying the allegations. The SEC alleged that Nvidia received $3.3 million in cost reduction credits from a supplier in early 2000 in exchange for repaying the supplier the same amount later that year with purchase prices that were artificially higher than normal. The Santa Clara, Calif.-based chipmaker recorded the cost reductions of that transaction, but not the liability, according to the SEC. As a result, Nvidia overstated its gross profit and income for the quarter ended April 30, 2000, the regulatory body charged.