L3 Technologies to pay $1.6 million to settle record-keeping charges: SEC

WASHINGTON (Reuters) – L3 Technologies Inc has agreed to pay a $1.6 million penalty to settle charges it failed to maintain accurate books and records and had inadequate internal accounting controls, the U.S. Securities and Exchange Commission said on Wednesday.

The SEC said it had found that a division of the government contractor in December 2013 improperly recorded $17.9 million in revenue from a contract with the U.S. Army, and that an internal company review had failed to uncover the misconduct.

(Reporting by Timothy Ahmann, editing by G Crosse)