Defendant Name:
Computer Sciences Corporation
Defendant Type:
Public Company
SIC Code:
7376
CUSIP:
20536310
Initial Case Details
Legal Case Name
In the Matter of Computer Sciences Corporation, Michael Laphen, Michael Mancuso, Wayne Banks, Claus Zilmer, and Paul Wakefield
First Document Date
05-Jun-2015
Initial Filing Format
Administrative Action
File Number
3-16575
Allegation Type
Issuer Reporting and Disclosure
AAER
3662
Violations Alleged
•
Sec 17(a) (Not specified)
Additionally,
Wayne Banks is alleged to have aided and abetted Computer Sciences Corporation's violation of Sec 10(b) + Rule 10b-5 of the Exchange Act (willfully/knowingly).
Wayne Banks is alleged to have caused Computer Sciences Corporation's violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
Paul Wakefield is alleged to have aided and abetted Computer Sciences Corporation's violation of Sec 10(b) + Rule 10b-5 of the Exchange Act (willfully/knowingly).
Paul Wakefield is alleged to have caused Computer Sciences Corporation's violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
Michael Laphen is alleged to have caused Computer Sciences Corporation's violation of Rule 12b-20 of the Exchange Act.
Michael Mancuso is alleged to have caused Computer Sciences Corporation's violation of Rule 12b-20 of the Exchange Act.
Michael Laphen is alleged to have caused Computer Sciences Corporation's violation of Sec 13(a) of the Exchange Act.
Michael Mancuso is alleged to have caused Computer Sciences Corporation's violation of Sec 13(a) of the Exchange Act.
Wayne Banks is alleged to have aided and abetted Computer Sciences Corporation's violation of Sec 13(a) of the Exchange Act (willfully/knowingly).
Wayne Banks is alleged to have caused Computer Sciences Corporation's violation of Sec 13(a) of the Exchange Act.
Claus Zilmer is alleged to have caused Computer Sciences Corporation's violation of Sec 13(a) of the Exchange Act.
Paul Wakefield is alleged to have aided and abetted Computer Sciences Corporation's violation of Sec 13(a) of the Exchange Act (willfully/knowingly).
Paul Wakefield is alleged to have caused Computer Sciences Corporation's violation of Sec 13(a) of the Exchange Act.
Michael Laphen is alleged to have caused Computer Sciences Corporation's violation of Rule 13a-1 of the Exchange Act.
Michael Mancuso is alleged to have caused Computer Sciences Corporation's violation of Rule 13a-1 of the Exchange Act.
Wayne Banks is alleged to have aided and abetted Computer Sciences Corporation's violation of Rule 13a-1 of the Exchange Act (willfully/knowingly).
Wayne Banks is alleged to have caused Computer Sciences Corporation's violation of Rule 13a-1 of the Exchange Act.
Claus Zilmer is alleged to have caused Computer Sciences Corporation's violation of Rule 13a-1 of the Exchange Act.
Paul Wakefield is alleged to have aided and abetted Computer Sciences Corporation's violation of Rule 13a-1 of the Exchange Act (willfully/knowingly).
Paul Wakefield is alleged to have caused Computer Sciences Corporation's violation of Rule 13a-1 of the Exchange Act.
Michael Laphen is alleged to have caused Computer Sciences Corporation's violation of Rule 13a-13 of the Exchange Act.
Michael Mancuso is alleged to have caused Computer Sciences Corporation's violation of Rule 13a-13 of the Exchange Act.
Wayne Banks is alleged to have aided and abetted Computer Sciences Corporation's violation of Rule 13a-13 of the Exchange Act (willfully/knowingly).
Wayne Banks is alleged to have caused Computer Sciences Corporation's violation of Rule 13a-13 of the Exchange Act.
Claus Zilmer is alleged to have caused Computer Sciences Corporation's violation of Rule 13a-13 of the Exchange Act.
Paul Wakefield is alleged to have aided and abetted Computer Sciences Corporation's violation of Rule 13a-13 of the Exchange Act (willfully/knowingly).
Paul Wakefield is alleged to have caused Computer Sciences Corporation's violation of Rule 13a-13 of the Exchange Act.
Michael Laphen is alleged to have caused Computer Sciences Corporation's violation of Sec 13(b)(2)(A) of the Exchange Act.
Wayne Banks is alleged to have aided and abetted Computer Sciences Corporation's violation of Sec 13(b)(2)(A) of the Exchange Act (willfully/knowingly).
Wayne Banks is alleged to have caused Computer Sciences Corporation's violation of Sec 13(b)(2)(A) of the Exchange Act.
Claus Zilmer is alleged to have caused Computer Sciences Corporation's violation of Sec 13(b)(2)(A) of the Exchange Act.
Paul Wakefield is alleged to have aided and abetted Computer Sciences Corporation's violation of Sec 13(b)(2)(A) of the Exchange Act (willfully/knowingly).
Paul Wakefield is alleged to have caused Computer Sciences Corporation's violation of Sec 13(b)(2)(A) of the Exchange Act.
Michael Laphen is alleged to have caused Computer Sciences Corporation's violation of Sec 13(b)(2)(B) of the Exchange Act.
Wayne Banks is alleged to have aided and abetted Computer Sciences Corporation's violation of Sec 13(b)(2)(B) of the Exchange Act (willfully/knowingly).
Wayne Banks is alleged to have caused Computer Sciences Corporation's violation of Sec 13(b)(2)(B) of the Exchange Act.
Claus Zilmer is alleged to have caused Computer Sciences Corporation's violation of Sec 13(b)(2)(B) of the Exchange Act.
Paul Wakefield is alleged to have aided and abetted Computer Sciences Corporation's violation of Sec 13(b)(2)(B) of the Exchange Act (willfully/knowingly).
Paul Wakefield is alleged to have caused Computer Sciences Corporation's violation of Sec 13(b)(2)(B) of the Exchange Act.
Wayne Banks is alleged to have aided and abetted Computer Sciences Corporation's violation of Sec 17(a) (Not specified) of the Securities Act (willfully/knowingly).
Wayne Banks is alleged to have caused Computer Sciences Corporation's violation of Sec 17(a) (Not specified) of the Securities Act.
Paul Wakefield is alleged to have aided and abetted Computer Sciences Corporation's violation of Sec 17(a) (Not specified) of the Securities Act (willfully/knowingly).
Paul Wakefield is alleged to have caused Computer Sciences Corporation's violation of Sec 17(a) (Not specified) of the Securities Act.
Resolutions
First Resolution Date
05-Jun-2015
Headline Total Penalty and Disgorgement
$190,938,390
Related Documents:
33-9804
05-Jun-2015
Administrative Proceeding
Order Instituting Public Administrative and Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933, Sections 4C and 21C of the Securities Exchange Act of 1934, and Rule 102(e) of the Commission's Rules of Practice, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order ("Order")
On June 5, 2015, the SEC instituted settled administrative proceedings against Computer Sciences Corporation and four of its former executives. According to the SEC: "From 2009 to 2011, CSC engaged in a wide-ranging accounting and disclosure fraud that materially overstated its earnings and concealed from investors significant problems" with its contract with the National Health Services. Specifically, CSC's accounting team avoided recording material reductions in CSC's earnings by adjusting the models to assume the UK government would agree to pay progressively higher prices despite the NHS' repeated rejections of the proposed amendments.
2015-111
05-Jun-2015
Press Release--Administrative Proceeding
SEC Charges CSC and Former Executives With Accounting Fraud; Company to Pay $190 Million Penalty
On June 5, 2015 the SEC announced charges against Computer Science Corporation (CSC) and eight of their former executives. CSC and five of the executives, without admitting or denying the findings in the SEC order, agreed to settle the charges that they were "manipulating financial results and concealing significant problems about the company's largest and most high-profile contract." Specifically, the SEC alleges that by basing its accounting models on a flailing negotiation with the NHS, CSC artificially avoided recording significant reductions in its earnings in 2010 and 2011.
34-75573
30-Jul-2015
Administrative Proceeding
Order Appointing Tax Administrator
On July 30, 2015, the SEC issued an order appointing Damasco and Associates LLP as tax administrator.
34-77223
24-Feb-2016
Administrative Proceeding
Extension Order
On February 24, 2016, the Commission granted the Division of Enforcement's request for an extension of time until May 30, 2016 to submit a Proposed Plan of Distribution.
34-77985
02-Jun-2016
Administrative Proceeding
Second Extension Order
On June 2, 2016, the SEC granted the Division of Enforcement's request for a second extension of time until September 30, 2016 to submit a Proposed Plan of Distribution. The SEC stated that "the Division states that it needs additional time to complete the appointment of the fund administrator in this matter and to allow for time to develop the distribution plan."
34-78133
22-Jun-2016
Administrative Proceeding
Order Appointing Fund Plan Administrator and Setting Bond Amount
On June 22, 2016, the Commission ordered the appointment of Garden City Group, LLC as the fund plan administrator and that Garden City Group, LLC shall obtain a bond in accordance with Rule 1105(c) of the Commission's Rules on Fair Fund and Disgorgement Plans in the amount of $190,948,983.95.
34-79058
06-Oct-2016
Administrative Proceeding
Third Extension Order
On October 6, 2016, the commission issued a Third Extension Order until December 30, 2016 to submit a proposed Plan of Distribution in relation to the June 5, 2015 Order instituting Public Administrative and Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933, Sections 4C and 21C of the Securities Exchange Act of 1934, and Rule 102(e) of the Commission's Rules of Practice, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order against Computer Sciences Corporation, Michael Laphen, Michael Mancuso, Wayne Banks, Claus Zilmer, and Paul Wakefield.
34-80233
13-Mar-2017
Administrative Proceeding
Notice of Proposed Plan of Distribution and Opportunity for Comment
The resolution and SEC authority information included is derived from the June 5, 2015 Order Instituting Public Administrative and Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933, Sections 4C and 21C of the Securities Exchange Act of 1934, and Rule 102(e) of the Commission's Rules of Practice, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order ("Order") against Computer Sciences Corporation ("CSC"), Michael Laphen ("Laphen"), Michael Mancuso ("Mancuso"), Wayne Banks ("Banks"), Claus Zilmer, and Paul Wakefield (collectively, the "Respondents"). According to the SEC: "In total, $190,948,983.95 was paid into the Computer Sciences Fair Fund."
Proposed Plan of Distribution
The resolution and SEC authority information included is derived from the June 5, 2015 Order Instituting Public Administrative and Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933, Sections 4C and 21C of the Securities Exchange Act of 1934, and Rule 102(e) of the Commission's Rules of Practice, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order ("Order") against Computer Sciences Corporation ("CSC"), Michael Laphen ("Laphen"), Michael Mancuso ("Mancuso"), Wayne Banks ("Banks"), Claus Zilmer, and Paul Wakefield (collectively, the "Respondents"). According to the SEC: "In total, $190,948,983.95 was paid into the Computer Sciences Fair Fund."
Plan of Distribution
According to the SEC: "The Division of Enforcement has prepared this plan of distribution (the "Plan") pursuant to Rule 1101 of the Commission's Rules on Fair Fund and Disgorgement Plans ("Rules"), 17 C.F.R. § 201.1101. As described more specifically below, the Plan provides for the distribution of funds collected in the above-captioned matter to compensate investors harmed by securities violations of Computer Sciences Corporation ("CSC"), Michael Laphen ("Laphen"), Michael Mancuso ("Mancuso"), Wayne Banks ("Banks"), Claus Zilmer, and Paul Wakefield (collectively, the "Respondents") as described in the Order."
34-80559
28-Apr-2017
Administrative Proceeding
Order Approving Plan of Distribution
The Commission stated: "it is hereby ORDERED that, pursuant to Rule 1104 of the Commission's Rules on Fair Fund and Disgorgement Plans, the Plan is approved."
Notice of Name Change of Appointed Tax Administrator
On June 30, 2017, the SEC announced a Name Change of Appointed Tax Administrator, and amended the Omnibus Order, beginning June 2017 and for calendar year 2018, to replace all references to Damasco with "Miller Kaplan Arase LLP which acquired Damasco & Associates LLP" in order to reflect Damasco's name change.
34-86046
06-Jun-2019
Administrative Proceeding
Order Directing Disbursement of Fair Fund
The SEC stated: "[I]t is ORDERED that the Commission staff shall disburse $194,454,692 from the Fair Fund to the Fair Fund's Escrow Account at The Huntington National Bank and that the Fund Administrator shall distribute such monies to harmed investors as provided for in the Plan."
34-90487
23-Nov-2020
Administrative Proceeding
Order Approving Application of Fund Administrator for Payment of Fees and Expenses and Approval of Future Fees and Expenses
The SEC ordered that: "t OFM pay the Fund Administrator’s initial six invoices
for fees and expenses of $837,941.69 from the Fair Fund. Further, OFM is authorized to pay,
at the direction of the Assistant Director of the Office of Distributions, any future fees and
expenses of the Fund Administrator from the Fair Fund so long as the total amount paid to the
Fund Administrator, including the invoice to be paid, does not exceed the total amount of the
revised cost proposal submitted by the Fund Administrator."
34-96718
19-Jan-2023
Administrative Proceeding
Order Directing Second Distribution
The Commission ordered that: "the Fund Administrator shall distribute $7,375,603.44 from the Huntington Bank Escrow Account to the Late Claimants and On-Time Claimants identified in the Payee List in accordance with the Plan."
Other Defendants in Action:
