SEC Charges Bankrate and Former Executives With Accounting Fraud

The Securities and Exchange Commission today announced that Bankrate Inc. has agreed to pay $15 million to settle accounting fraud charges.  Three former executives also are charged in the case that involves fraudulent manipulation of the company's financial results to meet analyst expectations. The SEC alleges that Bankrate's then-CFO Edward DiMaria, then-director of accounting Matthew Gamsey, and then-vice president of finance Hyunjin Lerner engaged in a scheme to fabricate revenues and avoid booking certain expenses to meet analyst estimates for a key financial metric: adjusted earnings......(read more)

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