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FMC Technologies pays $2.5 million fine for accounting violations, two ex-executives also pay penalties

( October 20, 2016, 18:41 GMT | Official Statement) -- MLex Summary: The US Securities and Exchange Commission said that FMC Technologies, a Houston technology firm, agreed to pay a $2.5 million penalty to settle charges that it overstated profits, and that two of the company's former executives also paid penalties. The SEC said that Jeffrey Favret, the controller of the firm's energy infrastructure segment, and unit controller Steven Croft reduced the value of a liability representing employee time off. They also corrected an error that increased their segment's results, but did not inform the company's controller and later signed documents saying there had been no large adjustments for the relevant period, the SEC said. Favret paid a $30,000 penalty and Croft a $10,000 penalty.COMPANY AND FORMER EXECUTIVES PAYING PENALTIES FOR ACCOUNTING VIOLATIONS...

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