On July 19, 2012 the SEC issued an order to institute Cease-and-Desist proceedings against Huron Consulting Group Inc. (Huron), Gary L. Burge, CPA, and Wayne E. Lipski. SEC found that the respondents "failed to properly record compensation expense for redistributions of sales proceeds by the selling shareholders of four companies Huron acquired," and thus materially misstated Huron's financial statements for 2006 through 2008 and the first quarter of 2009. The SEC also found that Huron" failed to maintain effective internal controls to ensure the appropriate recording and reporting of those redistributions." The SEC decided, as agreed by the Respondents, that Huron shall cease and desist from committing or causing any violation and any future violation of the said provisions of the Securities Act and the Exchange Act. Huron shall within 10 days of the entry of the Order pay a civil penalty of $1,000,000.00 to the SEC.

On July 19, 2012, the SEC announced that it charged Chicago-based consulting firm Huron Consulting Group Inc. ("Huron"), its former chief financial officer Gary Burge, and its former controller and chief accounting officer Wayne Lipski with accounting violations that overstated the company's income for multiple years. According to the SEC's order instituting settled cease-and-desist proceedings, Huron's financial statements for 2006, 2007, 2008, and the first quarter of 2009 were materially misstated as a result of these accounting failures. In August 2009, Huron restated those financial statements, thus reducing its net income by approximately $56 million. In agreeing to settle the charges without admitting or denying the SEC's findings, Huron consented to the SEC's order imposing a $1 million penalty and requiring the company to cease and desist from committing or causing any violations or any future violations of Sections 13(a), 13(b)(2)(A) and 13(b)(2)(B) of the Exchange Act and Rules 12b-20, 13a-1, and 13a-13 thereunder. Burge and Lipski, without admitting or denying the SEC's findings, also consented to the order, which requires Burge to pay disgorgement of $147,763.12, prejudgment interest of $30,338.46, and a penalty of $50,000, and requires Lipski to pay disgorgement of $12,750, prejudgment interest of $3,584.94, and a penalty of $50,000. The order also requires Burge and Lipski to cease and desist from committing or causing any future violations.

On November 9, 2012, the SEC's Division of Enforcement requested an extension of time "to submit a proposed Plan of Distribution ... under Rule 1101(a) of the Commission's Rules on Fair Fund and Disgorgement Plans." The Commission granted the request.

On December 13, 2012, the Commission gave notice that "the Division of Enforcement has submitted to the Commission the proposed plan for the distribution of $1,294,436.52 paid to the Commission in this matter...." The SEC further stated that: "The Distribution Plan provides that the $1,194,436.52 in disgorgement and prejudgment interest, and, if the Commission orders the establishment of a Fair Fund, the $1,100,000 penalty, paid by Respondents be transferred pursuant to Rule 1102(a) of the Rules ... to the court registry account established for a private class action, Hughes v. Huron Consulting Group Inc., et al., No. 09-CV-4734 (N.D. Ill.) ... for distribution to injured investors in accordance with a plan of allocation approved by the judge in the Class Action."

On January 25, 2013, the SEC ordered the establishment of a fair fund for the distribution of $1,294,436.52 in disgorgement, prejudgment interest, and penalties. The SEC also ordered the appointment of a fund administrator, approved the distribution plan, and authorized the transfer of distribution fund to the court registry in Hughes v. Huron Consulting Group, Inc. et al. (N.D. Ill. 2010), a related private securities class action.

On December 18, 2015, the SEC ordered the remaining fair fund balance of $4,024.16 and any funds that may be returned to the fair fund in the future to be transferred to the U.S. Treasury. In addition, the SEC discharged the fund administrator, and terminated the fair fund.