U.S. SEC charges ex-executives over accounting at government contractor L3

Reuters News
Posted: Apr 28, 2017 10:56 AM

By Sarah N. Lynch

WASHINGTON (Reuters) - U.S. regulators on Friday filed civil charges against two former executives at government contractor L3 Technologies over accounting violations that led the company to improperly recognize $17.9 million in revenue from a contract with the U.S. Army.

The Securities and Exchange Commission said that David Pruitt, former vice president of finance in the Army Sustainment Division at L3, plans to fight the charges, while L3's former Army Sustainment Division president Mark Wentlent has agreed to settle related charges.

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The company previously settled with the SEC and paid a $1.6 million penalty.

(Reporting by Sarah N. Lynch, Editing by Franklin Paul)