Gerber Scientific Inc. announced Tuesday that the Securities and Exchange Commission has ended an investigation into accounting irregularities at the maker of industrial manufacturing equipment.
Now a senior vice president in charge of the supply chain at Gerber, Bernard Demko will pay a $25,000 fine for actions he took as the company's corporate controller. According to a statement from the company, Demko said he settled in order to put the investigation and possible enforcement action behind him.
The SEC said former chief financial officer Gary Bennett will also be fined $25,000 and will be prohibited from acting as an officer or director of a public company for the next five years. Former chief executive Michael Chesire agreed to a cease-and-desist order, not admitting or denying his role.
Demko and Bennett were accused by the SEC of not including a $1.5 million charge in 2000, leading the company to overstate its fourth-quarters earnings that year. Gerber reached a settlement with the SEC last year.
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