Gentex fined $4M for bonus compensation accounting lapses
By 
Kyle Brasseur2023-02-08T18:37:00
Michigan-based manufacturer Gentex Corp. agreed to pay $4 million as part of a settlement with the Securities and Exchange Commission (SEC) regarding alleged failures in its internal accounting controls that affected executive and employee bonus compensation programs over several years.
The enforcement action, announced Tuesday, is the latest under the SEC’s earnings per share initiative, in which the Division of Enforcement uses data analytics to uncover accounting and disclosure violations by public companies. In addition to the penalty, Gentex was ordered to cease and desist from future violations of the Securities Exchange Act.
Kevin Nash, Gentex’s chief financial officer, agreed to pay $75,000 in settling with the SEC over his alleged role in the company’s control lapses. Nash served as Gentex’s chief accounting officer during the relevant period.
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