An NEC Engineering employee falsified sales over a three-year period that resulted in inflated sales of 36.3 billion yen, or about US$309.5 million, for parent company NEC, the company said.The employee falsified sales documents and embezzled money from March 2002 to December 2005, according to a statement released by NEC.Based on investigations so far, NEC believes only one employee was involved in the scandal.The company said it would file criminal action against the employee, amend and restate its consolidated financial statements for past fiscal years in accordance with U.S. GAAP (generally accepted accounting practices) as well as implement new structure and policies to prevent future fraudulent actions. -Shelley Solheim, IDG News ServiceFor related CSO content, read Anatomy of a Fraud. Keep checking in at our CSO Security Feed page for updated news coverage. Related content news analysis Companies are already feeling the pressure from upcoming US SEC cyber rules New Securities and Exchange Commission cyber incident reporting rules don't kick in until December, but experts say they highlight the need for greater collaboration between CISOs and the C-suite By Cynthia Brumfield Sep 28, 2023 6 mins Regulation Data Breach Financial Services Industry news UK data regulator warns that data breaches put abuse victims’ lives at risk The UK Information Commissioner’s Office has reprimanded seven organizations in the past 14 months for data breaches affecting victims of domestic abuse. By Michael Hill Sep 28, 2023 3 mins Electronic Health Records Data Breach Government news EchoMark releases watermarking solution to secure private communications, detect insider threats Enterprise-grade software embeds AI-driven, forensic watermarking in emails and documents to pinpoint potential insider risks By Michael Hill Sep 28, 2023 4 mins Communications Security Threat and Vulnerability Management Security Software news SpecterOps to use in-house approximation to test for global attack variations The new offering uses atomic tests and in-house approximation in purple team assessment to test all known techniques of an attack. By Shweta Sharma Sep 28, 2023 3 mins Penetration Testing Podcasts Videos Resources Events SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe