February 5, 2015 / 7:18 PM / 3 years ago

Broadwind Energy settles with US SEC over accounting violations

WASHINGTON, Feb 5 (Reuters) - Broadwind Energy will pay $1 million to settle civil charges over alleged accounting and disclosure violations that U.S regulators said kept investors in the dark about reduced business and a decline in the company’s financial prospects.

The Securities and Exchange Commission said that the Chicago-based company’s former CEO J. Cameron Drecoll and former CFO Stephanie Kushner also settled the matter and agreed to collectively pay $700,000 in penalties and disgorgement.

Broadwind Energy neither admitted nor denied the charges in its settlement with the SEC. (Reporting by Sarah N. Lynch; Editing by Sandra Maler)

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