The SEC stated: "This is an accounting fraud case arising from a multimillion dollar scheme by three former ARA finance executives--Wilcox, Boucher, and Smith--to improperly manipulate certain revenue adjustments to make it appear that ARA's financial performance was better than it actually was."

The SEC stated: "[It] charged American Renal Associates Holdings, Inc. (ARA), a provider of dialysis services through clinics across the country, with engaging in a revenue manipulation scheme that resulted in the restatement of several years of financial reporting. The SEC also charged two of ARA's former chief financial officers, Jonathan Wilcox and Jason Boucher, and former ARA Controller, Karen Smith, for their misconduct related to the scheme."

The Court stated: "Defendant American Renal Associates Holdings, Inc. (“Defendant”) . . . consented to the Court’s jurisdiction over Defendant and the subject matter of this action; consented to entry of this Final Judgment without admitting or denying the allegations of the Complaint (except as to jurisdiction); waived findings of fact and conclusions of law; and waived any right to appeal from this Final Judgment."