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U.S. SEC announces charges, penalty on medtech firm Baxter for accounting improprieties -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO : This is the seal of U.S. Securities and Exchange Commission, seen at its headquarters in Washington D.C. U.S.A on May 12, 2021. REUTERS/Andrew Kelly

(Reuters) – The U.S. Securities and Exchange Commission announced Tuesday that it had brought charges against Baxter International Inc (NYSE) and a $18 million fine for the Medtech company’s involvement in illegal intra-company foreign currency transactions, which resulted in the misstatement its net income.

Baxter’s assistant treasurer and treasurer Scott Bohaboy were also charged by the SEC for misconduct in relation to these transactions.

According to the SEC, “Baxter utilized a convention that converted non-U.S. Dollar denominated transactions, assets and liabilities in its financial statements from 1995 through 2019, which was not in compliance with U.S. GAAP” in a statement.

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