February 10, 2021

SEC closes investigation into Florida HVAC company

On February 9, 2021, Carrier Global Corporation, a Florida-based heating and air-conditioning manufacturer and distributor, disclosed in a securities filing that the Securities and Exchange Commission had concluded its investigation into conduct relating to AHI-Carrier FZC, one of Carrier’s joint ventures, and decided not to pursue an enforcement action.  

As previously reported in Carrier’s Form 8-K filed in March 2020, a compliance audit by Carrier revealed that AHI-Carrier received payments totaling $380 million over 10 years from entities located in the Commonwealth of Independent States (CIS).  Carrier stated that these payments may have violated certain unspecified laws.  The company undertook an investigation and reported its findings to the SEC and the Department of Justice in February 2020.  According to Carrier’s 10-K, the SEC notified the company in December 2020 that it had decided not to pursue an enforcement action.  

Form 10-K