SEC charges former Polycom CEO with hiding perks from investors

Fortune

The U.S. Securities and Exchange Commission charged the Silicon Valley-based technology company Polycom [fortune-stock symbol=”PLCM”] and its former chief executive on Tuesday over allegations they hid more than $200,000 in personal perks from investors.

Polycom has agreed to settle charges over inadequate internal controls and disclosure violations and pay $750,000, while the SEC’s case against former Polycom CEO Andrew Miller will be litigated in federal court, the SEC said.

Attorneys for Miller could not be immediately reached.

A company spokesman said Polycom would not comment beyond an 8K filing announcing the settlement to investors. The company settled the case without admitting or denying the charges.

According to the SEC’s complaint, Miller created fake expense reports with “bogus business descriptions” for how he used corporate funds to pay for meals, gifts and entertainment.

The SEC added that Miller used company funds to travel with friends and his girlfriend to fancy resorts…

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About Soumya
A technology enthusiast, forever enamored by all that it hath wrought and of course here is an attempt at making sense of it all and perhaps simplifying it!

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