Veritas Software has agreed to pay 30 million dollars to resolve civil fraud charges connected to an improper advertising deal it signed with AOL during the Internet boom's waning days, The Washington Post reported on Thursday.

The report said a U.S. Securities and Exchange Commission complaint has accused Veritas and AOL of Dulles of simultaneously wiring payments to each other as part of an improper, unwritten "round-trip" agreement.

Both companies used the deal to inflate revenue, the complaint said. For Veritas, the transaction added 2 cents per share to its fourth-quarter and annual earnings in 2000, allowing it to beat Wall Street expectations, according to the report.

SEC commissioners have agreed to approve the settlement after intense deliberations. In a news release, the agency took pains to note that the 30 million dollar penalty had been negotiated before the SEC issued a policy directive last year concerning when regulators may impose fines on companies.

Source: Xinhua