Swisher Hygiene Admits To Accounting Fraud
A Charlotte-based hygiene company is admitting to some dirty accounting. The U.S. Attorney's office in Charlotte is charging Swisher Hygiene with accounting fraud, and the company is agreeing to a $2 million penalty.
You may not realize it, but you've probably seen Swisher's products. The Charlotte company provides soap, toilet paper and other restroom materials for schools, restaurants, hotels – pretty much any large facility.
Now, Swisher admits it defrauded the public by faking its financial strength in 2011. A former senior executive faces prison time, and the company itself will pay a $2 million penalty.
The U.S. Attorney's office says that penalty reflects this financial reality for the company: its auditors noted that any higher penalty could knock the company out of business. Swisher employs about 1,000 people, and a larger hygiene company, EcoLab, is in the process of acquiring it.