Weatherford International to pay $140 million for accounting fraud

Oil services company Weatherford International LLC [WEATH.UL] (WFT.N) has agreed to a $140 million penalty to settle charges it inflated earnings by using deceptive income tax accounting, the U.S. Securities and Exchange Commission said on Tuesday.

Two Weatherford senior accounting executives at the time also agreed to settle charges that they were behind the scheme, the SEC said.

A spokeswoman for Weatherford, which neither admitted nor denied the SEC’s allegations, could not immediately be reached for comment.

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