United States:
Government Contractor To Pay Penalty For Recordkeeping And Accounting Failures
23 January 2017
Cadwalader, Wickersham & Taft LLP
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Government contractor L3 Technologies Inc. ("L3")
agreed to pay a $1.6 million penalty to settle SEC charges alleging
recordkeeping and internal accounting failures.
The SEC Order determined that L3's Army
Sustainment Division improperly recorded $17.9 million in revenue
from the U.S. Army "based on invoices associated with
unresolved claims against the U.S. Army that were created in
L3's internal accounting system but not delivered to the
customer." Without admitting or denying the findings, L3
agreed to pay the $1.6 million penalty.
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