SEC Fines Bankrate $15 Million Over Accounting Fraud Charges

By Steve GoldsteinMarketWatch Pulse

The Securities and Exchange Commission said Bankrate has agreed to pay $15 million to settle accounting fraud charges, stemming from allegations the company fabricated revenue and avoided booking certain expenses to meet analyst estimates in the second quarter of 2012. Then-vice president of finance Hyunjin Lerner agreed to pay a fine of more than $180,000 to settle charges, while then-CFO Edward DiMaria and then-director of accounting Matthew Gamsey are fighting the charges, the SEC said. Bankrate did not admit or deny the findings.

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