The leading gaming company was fined for a retaliating against whistleblower.
US.- International Game Technology, a major casino gaming company, has agreed to pay a US$500,000 fine to close an altercation with the U.S. Securities and Exchange Commission. The company had fired an employee for telling the entity that IGT’s financial statements might be distorted.
SEC published the resolution on Thursday, when the casino gaming company confirmed its agreement with the terms, without admitting or denying the Commission’s findings. IGT will also cease and desist from committing or causing any further violations of whistleblower protections of the Securities Exchange Act.
The employee was removed from significant work assignments within weeks of raising concerns about the company’s cost accounting model, the SEC said. IGT conducted an internal investigation into the whistleblower’s allegations and determined its reported financial statements contained no misstatements, according to SEC.