Circor avoids fine after self-reporting accounting control violations to SEC

Massachusetts-based technology company Circor International settled charges with the Securities and Exchange Commission regarding deficient internal accounting controls without paying a fine.

The SEC charged the company’s former finance director, Nicholas Bowerman, with fraud for falsifying the financial results of Pipeline Engineering, a U.K.-based subsidiary of Circor.

Bowerman allegedly manipulated Circor’s internal accounting controls to perpetuate the fraud, “manipulating account reconciliations, falsifying certifications, fabricating bank confirmation documents, and misleading Circor’s management and independent auditors,” the SEC said in a press release Thursday.