ADM inflated its Nutrition segment's profit for three years to hit forecasts

Archer-Daniels-Midland, one of the world's largest agricultural processors with roughly $90 billion in annual revenue, told investors that its Nutrition segment was growing. From fiscal 2019 through 2022, that growth was partly manufactured: the segment's president and the CFO pressured employees to identify adjustments that would move operating profit from other ADM divisions into Nutrition so it would meet internal forecasts.

The adjustments took the form of retroactive rebates and intersegment price changes calibrated to specific dollar amounts — enough to close a gap or hit a target, never amounts that would have been offered to a third party. ADM's public filings stated that intersegment transactions were recorded at amounts 'approximating market,' which the SEC found was false.

In January 2026 the SEC charged ADM, former Nutrition president Vince Macciocchi, and CFO Ray Young with violating antifraud, reporting, and internal-controls provisions. ADM agreed to pay a $40 million civil penalty. Macciocchi accepted a three-year officer-and-director bar; both executives paid disgorgement and penalties.