• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

U.S. says deals with Iran for safe Hormuz transit are prohibited

2

Surging Treasury yields expose a brutal truth: America has no margin for error on its $39 trillion debt

3

After a judge ordered Trump's name be removed from the Kennedy Center, president says it will 'soon be closed, probably never to open again'

1

U.S. says deals with Iran for safe Hormuz transit are prohibited

2

Surging Treasury yields expose a brutal truth: America has no margin for error on its $39 trillion debt

3

After a judge ordered Trump's name be removed from the Kennedy Center, president says it will 'soon be closed, probably never to open again'
TechFMC

FMC Technologies to Pay Big Fine For Accounting Violations

By
Reuters
Reuters
Down Arrow Button Icon
By
Reuters
Reuters
Down Arrow Button Icon
October 20, 2016, 3:25 PM ET
Photograph by Getty Images

Energy technology company FMC Technologies will pay a $2.5 million penalty to settle charges that it overstated profits in one of its business segments, the U.S. Securities and Exchange Commission said on Thursday.

Two now former executives made the improper adjustments after being pressured to improve the financial performance of the Houston-based company’s energy infrastructure department, the SEC said.

FMC Technologies and the two executives consented to the SEC’s order without admitting or denying the findings, the agency said.

A spokesman for FMC and lawyers for the executives could not immediately be reached for comment.

The former controller of the department, Jeffrey Favret, and another controller, Steven Croft, improperly reduced the value of the company’s liability for employee paid time off. That, in turn, led to overstating the department’s pre-tax operating profits by $800,000, allowing it to meet an internal target for the first quarter of 2013, the SEC said.

Favret and Croft also corrected a $730,000 error recorded in 2012 that increased their department’s operating results for first quarter 2013, but never notified the company’s top controller, the SEC said.

The two later signed letters to the company in which they represented that they did not make adjustments larger than $250,000 outside of the accounting period at the time, the SEC said.

For more about federal investigations, watch:

Favret agreed to pay a $30,000 penalty and Croft agreed to pay a $10,000 penalty. The two also agreed to suspensions from working on SEC-related accounting matters. They can apply for reinstatement after two years, the SEC said.

Another FMC Technologies department also failed to properly account for employee paid time off in 2012, the SEC said. The company also improperly accounted for interest income associated with certain large loans made within the company that year, resulting in an $8 million out-of-period adjustment in 2014.

About the Author
By Reuters
See full bioRight Arrow Button Icon

Latest in Tech

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Tech

Low-budget films from YouTubers beat ‘Star Wars’ heavyweight at the box office — ‘we’ll probably look back at this as a real turning point’
Arts & EntertainmentMovies
Low-budget films from YouTubers beat ‘Star Wars’ heavyweight at the box office — ‘we’ll probably look back at this as a real turning point’
By Lindsey Bahr and The Associated PressMay 31, 2026
31 minutes ago
AI will make the ‘tech bro’ class even richer, Nobel laureate Joe Stiglitz says, just as it can take your job
AIJobs
AI will make the ‘tech bro’ class even richer, Nobel laureate Joe Stiglitz says, just as it can take your job
By Catherina GioinoMay 31, 2026
2 hours ago
peter thiel
AIskills
Forget the STEM safety net. Peter Thiel warns AI is a bigger threat to technical roles than to creative thinkers
By Jake AngeloMay 31, 2026
2 hours ago
CEOs blame AI for layoffs, but an MIT professor says it fits a long-running pattern to find a cover story. ‘They’ve been saying that for 20 years’
AIthe future of work
CEOs blame AI for layoffs, but an MIT professor says it fits a long-running pattern to find a cover story. ‘They’ve been saying that for 20 years’
By Marco Quiroz-GutierrezMay 31, 2026
3 hours ago
Experimental pill nearly doubles survival time for people with advanced pancreatic cancer. ‘I actually started crying’
HealthHealth
Experimental pill nearly doubles survival time for people with advanced pancreatic cancer. ‘I actually started crying’
By Lauran Neergaard and The Associated PressMay 31, 2026
3 hours ago
Special operations commander says while AI could determine targets, humans must be sure ‘it’s going to deliver violence only where we intend it’
AIMilitary
Special operations commander says while AI could determine targets, humans must be sure ‘it’s going to deliver violence only where we intend it’
By Konstantin Toropin and The Associated PressMay 31, 2026
4 hours ago

Most Popular

U.S. says deals with Iran for safe Hormuz transit are prohibited
Politics
U.S. says deals with Iran for safe Hormuz transit are prohibited
By Jack Wittels and BloombergMay 30, 2026
1 day ago
Surging Treasury yields expose a brutal truth: America has no margin for error on its $39 trillion debt
Economy
Surging Treasury yields expose a brutal truth: America has no margin for error on its $39 trillion debt
By Shawn TullyMay 30, 2026
1 day ago
After a judge ordered Trump's name be removed from the Kennedy Center, president says it will 'soon be closed, probably never to open again'
Law
After a judge ordered Trump's name be removed from the Kennedy Center, president says it will 'soon be closed, probably never to open again'
By Collin Binkley and The Associated PressMay 30, 2026
22 hours ago
After Blue Origin rocket explosion, NASA's entire moon exploration program depends on SpaceX for now as Musk eyes blockbuster IPO soon
Innovation
After Blue Origin rocket explosion, NASA's entire moon exploration program depends on SpaceX for now as Musk eyes blockbuster IPO soon
By Jason MaMay 30, 2026
23 hours ago
Damn the torpedoes — More ships are quietly slipping through the Strait of Hormuz as helicopters scare off Iran's fast-attack boats
Energy
Damn the torpedoes — More ships are quietly slipping through the Strait of Hormuz as helicopters scare off Iran's fast-attack boats
By Jason MaMay 30, 2026
1 day ago
Meet the Black women on Fortune's Most Powerful Women list shaping business leadership
MPW
Meet the Black women on Fortune's Most Powerful Women list shaping business leadership
By Cheyann HarrisMay 29, 2026
2 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.