Financial services provider the Bisys Group will pay $25 million in restitution to settle federal charges that it violated financial reporting rules to artificially inflate earnings by $180 million over three years.
Bisys agreed to pay $25 million in restitution and interest to the Securities and Exchange Commission. The money will go to investors deemed to have been harmed by what the SEC alleged was improper accounting from July 2000 to December 2003, especially related to the insurance services division of Bisys.
The company, based in Roseland, N.J., neither admitted nor denied wrongdoing, but agreed to refrain from violations of provisions of the securities laws dealing with financial reporting, books and records and internal controls.
In a statement, chairman Robert J. Casale said the firm has taken steps to improve its controls and accounting procedures, as well as replaced a number of key individuals throughout the firm in an effort to produce reliable financial statements.
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