$80 Million Monsanto Settlement
As a result of an SEC investigation, prompted by an employee "whistleblowing," Monsanto agreed to pay $80 million dollars to the U.S. Government. The case centered around a rebate program for it's top-selling herbicide, RoundUp, that did not follow Generally Accepted Accounting Principals (GAAP.)
While the company booked significant revenues as a result of the rebate program, it failed to account for the costs of that program in its accounting for the appropriate period. This resulted in misstated earnings and profits in the financial statements.
The error was initially brought to the attention of Monsanto by a CPA in the accounting department, but after the company did not self-report to the SEC within the 120 days mandated by regulations in the Dodd-Frank Act, the employee contacted the SEC to report the violation.
For more insight into the case:
to read the article on the SEC website.
to read the article in the New York Times.
to read the article in AccountingToday.