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Former CFO Charged with Accounting Violations

The SEC charged that a former chief financial officer was involved in and aware of certain improper accounting practices that operated as a fraud by failing to adequately and accurately disclose the deteriorating financial results and business of the company's commercial aircraft manufacturing subsidiary. The SEC ordered the former CFO to cease and desist from committing or causing the violations charged as well as any future violations of these provisions. He also consented to the entry of a final judgment in a related civil action for the purposes of awarding civil monetary penalties and disgorgement. As part of the settlement, the individual consented to pay $706,072 in disgorgement of certain past bonus amounts plus pre-judgment interest and a $125,000 civil penalty.

Release No. 33-8790 is reported at ¶87,777.