WEX Fined USD350,000 for Breaches of Internal Accounting Control

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Financial technology service provider WEX, based in Portland, Maine, has agreed to pay USD350,000 as part of an agreement with the US Securities and Exchange Commission (SEC) on breaches of internal accounting control provisions in the federal securities laws. The SEC reports that an independent auditor found several violations in WEX’s internal control over financial reporting (ICFR) that led to accounting errors in the company’s former Brazilian subsidiary, WEX Brazil. This was followed by a revision of the company’s financial statements for fiscal 2016 and 2017 to correct errors.

The investigation concluded that there were errors in WEX Brazil’s financial statements since fiscal year 2013 totaling about USD85.5 million, according to the SEC.

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