On September 8, 2015 the SEC announced that Bankrate Inc. has agreed to pay $15 million to settle accounting fraud charges. The SEC alleged that Bankrate's executives Edward DiMaria and Matthew Gamsey engaged in a scheme to fabricate revenues in order to meet analyst estimates.

On September 8, 2015, the SEC instituted settled administrative proceedings against Bankrate, Inc. The SEC alleged that Bankrate intentionally manipulated its financial results for the second quarter of 2012 in order to meet analyst estimates for key financial metrics.

On September 8, 2015, the SEC announced that: "Bankrate, Inc. has agreed to pay $15 million to settle accounting fraud charges." The SEC also charged three former Bankrate executives. One of the executives, then-vice president of finance Hyunjin Lerner, also agreed to settle the SEC's charges. The SEC alleged that the three former executives, "engaged in a scheme to fabricate revenues and avoid booking certain expenses to meet analyst expectations". As a result, the SEC stated that, "Bankrate consequently overstated its second quarter 2012 net income."

On May 26, 2016, the Commission granted the request of the SEC enforcement staff to appoint Damasco & Associates LLP as the Tax Administrator for the Qualified Settlement Fund.

According to the SEC: "The Commission staff has concluded that a distribution is feasible and appropriate based on the harm suffered by Bankrate shareholders as a result of the overstated financial results for the second quarter of 2012. The Division of Enforcement now recommends that a single Fair Fund be established . . . for distribution to harmed investors." 

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.

According to the SEC: "On September 8, 2015, in two related settled administrative proceedings the Commission issued separate orders, against Bankrate, Inc. ("Bankrate") and, its vice president of finance Hyunjin Lerner, CPA ("Lerner") (collectively, the "Respondents") finding that they violated the federal securities laws. The Commission ordered Bankrate to pay a $15,000,000 civil penalty and ordered Lerner to pay a $150,000 civil penalty, $30,045 in disgorgement, and $2,571 of prejudgment interest. Bankrate and Lerner paid the funds in full to the Commission on September 10, 2015 and September 18, 2015, respectively. On May 8, 2017, a single fair fund was established, pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, as amended, which combined the $15,182,616 in civil penalties, disgorgement, and prejudgment interest paid, by Bankrate and Lerner for distribution to harmed investors. The Division of Enforcement now seeks the appointment of JND Legal Administration ("JND") as the fund administrator and requests that the administrator's bond be set at $15,182,616, as required by Rules 1105(a) and 1105(c) of the Commission's Rules on Fair Fund and Disgorgement Plans ("Commission's Rules")."

The Commission stated: "Notice is hereby given . . . that the Division of Enforcement has submitted to the Commission a proposed plan of distribution (the "Plan") for the distribution of monies paid in the above-captioned matter."

The SEC stated: "The Division of Enforcement has prepared this Proposed Plan of Distribution (the "Plan") . . . [T]he Plan proposes for the distribution of the funds collected from Bankrate, Inc. ("Bankrate") and Hyunjin Lerner, CPA ("Lerner") in the above-referenced matters, as well as funds received in a related district court proceeding."

The SEC stated: "it is hereby ORDERED, pursuant to Rule 1104 of the Commission’s Rules, that the Plan is approved."

The SEC stated: "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 (“Commission’s Rules”) . . . [T]he Plan proposes for the distribution of the funds collected from Bankrate, Inc. (“Bankrate”) and Hyunjin Lerner, CPA (“Lerner”) in the above-referenced matters, as well as funds received in a related district court proceeding."

The Commission stated that: "[I]t is hereby ordered, that Commission staff shall transfer $15,418,912.17 from the Fair Fund to the Fair Fund's escrow account at The Huntington National Bank, and the Fund Administrator shall distribute such monies to the eligible claimants in accordance with the Plan."

The Commission ordered that: "OFM pay the Fund Administrator's fees and expenses of $127,822.16 from the Fair Fund . . . . Further, OFM is authorized to pay, at the direction of an Assistant Director of the Office of Distributions, any 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 approved cost proposal submitted by the Fund Administrator."