Wipro to pay $5 mn to SEC to settle 6-yr-old case

New Delhi : Country’s third largest software services firm Wipro has reached a deal with US Securities and Exchange Commission (SEC) to formally resolve a six-year old investigation and will pay  $5 million in civil money penalty.

Under the terms of the settlement, the company consents to pay a civil money penalty of $5 million, to cease and desist from committing or causing violations of the Exchange Act.  

The SEC has credited Wipro’s cooperation and remedial measures in arriving at the settlement.

In December 2009, Wipro self-discovered that an employee embezzled funds amounting to Rs 228 million, beginning November 2009. The company was able to substantially recover the embezzled funds and had publicly disclosed the case. The SEC investigation began in September 2010.