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In the Courts
Former CFO of Bankrate Sentenced to 10 Years in Prison for $25 Million Fraud Scheme
In September 2014, Bankrate, Inc. (Bankrate), a consumer financial and marketing company, disclosed a Securities and Exchange Commission (SEC) investigation into accounting from 2012. In making this announcement, Bankrate also indicated that its 2011 and 2013 finances may also be unreliable. Edward DiMaria, Bankrate's Chief Financial Officer at the time, also stepped down after eight years serving in that role. However, he remained a senior vice president.
As early as 2015, in addition to DiMaria, the SEC also accused Bankrate's former vice president of finance (Hyunjin Lerner) and its former accounting director (Matthew Gamsey) of participation in a fraud scheme. After pleading guilty, Lerner was sentenced to 60 months in prison and both DiMaria and Gamsey reached settlements with the SEC. The same year, the company also agreed to pay $15 million to the SEC related to the improper accounting practices.
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