Raytheon Puts CFO on Leave to End Probe
Defense contractor Raytheon Co. put its chief financial officer on leave amid a Securities and Exchange Commission investigation and offered $51 million to settle both the probe and a separate class-action suit.
The SEC investigation was over accounting practices at its Raytheon Aircraft Co. unit from 1997 to 2001.
Raytheon said SEC staff had recommended approval of a settlement under which Raytheon would pay a civil penalty of $12 million without admitting or denying any wrongdoing.
The company put Chief Financial Officer Edward Pliner and another employee on leave after the SEC’s staff made a preliminary decision to bring action against them.
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