On Wednesday, the Securities and Exchange Commission announced that it had obtained final judgments against two men who formerly worked as executives with Bankrate Inc. In September of 2015, the SEC charged Edward DiMaria and Matthew Gamsey with manipulating the company’s financial results to meet the expectations of analysts.
The SEC also accused DiMaria of selling Bankrate stock at an artificially inflated price, due to the accounting manipulation. The final judgments were entered on August 16, 2017 in the Southern District of New York. The men have been permanently enjoined from violating certain rules again.
Simultaneously, DiMaria has been ordered to pay $231,158.56 in civil penalties, disgorgement, and prejudgment interest. Gamsey will pay a civil penalty of $60,000. DiMaria has been barred from servicing as an officer or director or a company registered with the SEC for five years. Both men agreed to the judgment without admitting or denying the allegations.
Both men have also agreed to be suspending from appearing or practicing as accountants before the SEC. This includes being prohibited from preparing financial reports or audits for any public company. The men can apply for reinstatement in the future.