Office Depot to settle SEC charges for $1 million

Washington, D.C. The Securities and Exchange Commission announced Thursday that Office Depot has agreed to pay $1 million to settle federal charges that it overstated earnings and shared information that it failed to include in its public filings.

Office Depot, which has neither confirmed nor denied the allegations, was accused of overstating earnings in mid-2006 through mid-2007. The office supply retailer was also accused of letting a group of investors and analysts know that it wouldn't meet earnings estimates for second quarter 2007.

In addition to the company fine, CEO Stephen Odland and former CFO Patricia McKay have agreed to pay civil penalties of $50,000 in connection with the charges for sharing information.