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SEC & DOJ Prosecutions

Settlement Obtained With Alternative Energy Company and Executives for Accounting and Disclosure Violations

SEC v. Broadwind Energy, Inc., J. Cameron Drecoll, and Stephanie K. Kushner

  • 2015
  • 1.7 Million

Defendants included a Chicago-area alternative energy company, its former CEO, and its CFO. The SEC found that they delayed reporting a substantial impairment of intangible assets associated with an anticipated reduction of business from two significant customers. The company even conducted a public offering of stock without disclosing the known impairment. When the impairment finally was disclosed, the company’s stock price declined 29 percent.

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