SEC Fines Bankrate $15M, Sues Execs For Accounting Fraud

Law360, New York (September 8, 2015, 1:56 PM ET) — The U.S. Securities and Exchange Commission said Monday it has fined Bankrate Inc. $15 million to settle accounting fraud charges, and that it is suing two former executives over an alleged scheme to puff up quarterly earnings for the personal finance information company.

According to the SEC, former Bankrate Chief Financial Officer Edward DiMaria and ex-accounting director Matthew Gamsey invented revenue and avoided recording certain expenses in a bid to help the company overstate net income for the second quarter of 2012. A third former executive,…

Source: Law360

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