Monsanto just keeps being forced to pay the piper. The mega-corp has lied to consumers about the safety of GM seed and their best-selling herbicide, and now it is being held accountable for stealing from and cheating its investors.
The company will pay an $80 million settlement to the US Securities and Exchange Commission (SEC) as a penalty for lying about earnings for glyphosate-riddled herbicide, Round Up. The SEC charges that Monsanto violated accounting rules and misstated company earnings as it pertained to its flagship product.
The SEC also reports that three accounting and sales executives have also agreed to settle charges in connection with the case.
The case orbits around a corporate rebate program designed to boost sales of Round Up. The rebate program was created to combat rising generic competition which threatened to cut into the company’s profits.