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Orthofix settles accounting violations, anticorruption law charges for $14M

Orthofix International NV agreed to pay $14 million to the SEC for improperly booking revenue and paying doctors in Brazil to boost sales.

The Texas-based medical device admitted wrongdoing and agreed to pay the fine to settle the charges stemming from accounting failures that led to misstatements of its accounts for the 2011-2013 period.

The SEC also found that the company violated the Foreign Corrupt Practices Act by making "improper payments" to Brazilian government doctors in an attempt to encourage the prescription and use of its products.

Four former Orthofix executives, including its CFO, also agreed to settle cases related to the accounting failures without admitting or denying the findings.

Orthofix's former CEO Robert Vaters, who was not charged with wrongdoing, reimbursed the company $72,886 for cash bonuses and certain stock awards he received during the period in which the company committed the violations, making it unnecessary for the SEC to pursue an action against him.