Appeals Court Reverses McAfee Former CFO Fraud Conviction

SAN FRANCISCO (AP) — A federal appeals court has tossed out the securities fraud conviction of McAfee Inc.’s former chief financial officer.

The 9th U.S. Circuit Court of Appeals in San Francisco on Friday said federal prosecutors had failed to show Prabhat Goyal did anything illegal in the way he accounted for millions of dollars in revenue and in his dealings with customers.

Goyal was named CFO in late 1997 when Santa Clara-based McAfee was still known as Network Associates. He resigned in early 2001.  He was indicted three years later on charges of illegally misstating revenue and lying to auditors.

A jury convicted him in 2007.

(© 2010 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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