SEC, DOJ order AOLTW to retain documents
InfoWorld | at | by Mike
Facing further scrutiny over its accounting practices, AOL Time Warner was ordered by the U.S. Department of Justice (DOJ) and the U.S. Securities and Exchange Commission (SEC) to retain all documents related to financial transactions currently under investigation by the federal authorities, according to a report published Thursday.
The Internet and media company revealed last week that the SEC had initiated a probe into its accounting practices after the Washington Post ran a series of articles alleging that the company engaged in "unconventional transactions" in 2000 and 2001 in an effort to boost the performance of its sagging AOL Internet unit.
Adding to the pressure, AOLTW confirmed earlier this week that the DOJ had also initiated an investigation into the company's accounting practices, opening the door for possible criminal charges.