Luthar Case Moves Forward
The SEC alleges Luthar violated federal securities anti-fraud provisions, aided and abetted reporting and internal controls violations, and failed to reimburse ADM for certain executive compensation.
The agency is seeking civil penalties, disgorgement with interest, reimbursement of pay, and an officer-and-director ban.
Regulators say ADM’s periodic filings were materially false and misleading — and that Luthar personally benefitted from the alleged misconduct.
ADM: Errors Corrected, Controls Strengthened
ADM said it cooperated fully with the SEC, commissioning an internal investigation led by outside counsel under the oversight of its audit committee and voluntarily reporting findings to regulators.
The company said it corrected prior-period errors in March 2024, and later restated its 2023 Form 10-K and 2024 first- and second-quarter 10-Qs to address segment-reporting errors.
ADM emphasized the issues did not affect consolidated earnings, balance sheets, or cash flows, and said it has since made significant changes to its financial leadership team and internal controls.
