On September 6, 2023, the SEC instituted settled cease-and-desist proceedings against Fluor Corporation, stating: "This matter involves deficiencies in Fluor’s accounting over a period of years for two fixed-price construction projects on which Fluor carried a risk of cost overruns with respect to work within the contract’s scope. Fluor bid on these projects, relying on overly optimistic cost and timing estimates. Following each project’s contract award, Fluor experienced cost overruns that worsened over time. Yet, Fluor failed to maintain a system of internal accounting controls sufficient to account for these contracts in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). These failings resulted in inaccurate books and records and ultimately in materially misstated financial statements included in periodic reports filed with the SEC."

On September 6, 2023, the SEC "announced that Irving, Texas-based Fluor Corporation will pay $14.5 million to settle charges stemming from the company’s improper accounting on two large-scale, fixed-price construction projects. Five former and current officers and employees also agreed to settle related charges for causing Fluor’s violations."

The Commission ordered that: "the Division’s request for an extension of time until August 30, 2024, to submit a Proposed Plan of Distribution is granted."

The Commission ordered that: "Miller Kaplan Arase LLP is appointed as the Tax Administrator for the QSF in the above-referenced proceeding. For the Commission, by the Division of Enforcement, pursuant to delegated authority."

The Commission ordered that: "A. JND is appointed as the Fund Administrator . . .; B. JND shall obtain a bond . . . in the amount of $14,599,980.00; C. the Fund Administrator will submit invoices to the Commission staff for services rendered . . . ; and D. at the direction of an Assistant Director of the Office of Distributions, OFM is authorized to pay the Fund Administrator’s fees and expenses from the Fair Fund."

The Commission stated: "The Division of Enforcement submits this Proposed Plan of Distribution (the “Plan”) to the United States Securities and Exchange Commission (the “Commission”) . . . . This Plan provides for the distribution of a Fair Fund (the “Fair Fund”), comprised of civil money penalties collected from Fluor Corporation (“Fluor”); Jon Eric Best; James F. Brittain; Robin K. Chopra, CA; Bradley R. Scott; and Kent N. Smith (collectively, the “Respondents”) in the above-captioned matters."

The Commission ordered that: "the Proposed Plan is approved, and the approved Plan of Distribution shall be posted simultaneously with this order on the Commission’s website at https://www.sec.gov/"