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Consumer products company Tupperware Brands Corp. agreed to pay $900,000 to settle charges of failing to maintain sufficient internal accounting controls and keep accurate books and records at its Mexico affiliate, the Securities and Exchange Commission (SEC) announced.
Tupperware acquired Fuller Cosmetics, including its Mexico business, in 2005. Tupperware should have then put in place appropriate accounting policies and procedures but instead maintained the legacy practices of the unit, the SEC alleged.
Fuller Mexico relied on direct-to-customer sales by its independent sales representatives, called “Fullerettes,” according to the SEC’s order filed Thursday. The sales targets for the Fullerettes and sales directors were unrealistic, an internal investigation by Tupperware later found.
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