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Federal Contractor Misconduct Database (FCMD)

The federal government routinely awards contracts to companies with histories of misconduct, including contract fraud and other violations. POGO believes that providing this website will help to improve contracting decisions and increase public knowledge of how the government spends billions of taxpayer dollars each year. Read more…

Reporting Materially False or Misleading Financial Information in 2002 and 2003

General Electric agreed to pay a $50 million penalty to settle charges filed by the Securities and Exchange Commission alleging that, on four separate occasions in 2002 and 2003, GE misled investors by reporting materially false and misleading results in its financial statements. The SEC alleged that GE used improper accounting methods to increase its reported earnings or revenues and avoid reporting negative financial results. Without admitting or denying the allegations, GE agreed to the penalty and consented to the entry of an order permanently enjoining it from violating the federal securities laws.

Misconduct Type
Securities
Enforcement Agency
SEC
Contracting Party
None
Court Type
Civil
Disposition
Settlement
Date of Announcement
8/4/2009
Contractors Involved Penalty
Total
General Electric $50,000,000
Further Information Released
Complaint 10/27/2009
SEC Press Release 10/27/2009

Federal Contractor Misconduct Database