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Brief
'The Securities and Exchange Commission (SEC) announced fraud charges against Nicholas Bowerman, a former finance director of CIRCOR International Inc., for manipulating the company's internal accounting records. The SEC alleges that Bowerman's actions led to misleading statements about the company's financial performance from 2019 through 2021. The SEC also charged CIRCOR with related internal accounting controls violations. However, due to the company's self-reporting, cooperation, and remediation efforts, including strengthening its internal accounting controls and implementing new measures, no civil penalty was imposed against CIRCOR. The case is a reminder that companies can benefit from taking prompt action when they become aware of securities law violations, as it may lead to favorable outcomes such as avoiding penalties.'
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