Related Documents:
2012-142
19-Jul-2012
Press Release--Administrative Proceeding
SEC Charges Chicago-Based Consulting Firm and Executives With Accounting Violations
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.
34-68200
09-Nov-2012
Administrative Proceeding
Extension Order
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.
34-68420
13-Dec-2012
Administrative Proceeding
Notice of Proposed Plan of Distribution and Opportunity for Comment
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."
34-68737
25-Jan-2013
Administrative Proceeding
Order Establishing Fair Fund, Appointing a Fund Administrator, Approving Distribution Plan and Authorizing Transfer of Distribution Fund
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.
34-76699
18-Dec-2015
Administrative Proceeding
ORDER AUTHORIZING THE TRANSFER TO THE U.S. TREASURY OF REMAINING FUNDS AND ANY FUNDS RETURNED TO THE FAIR FUND IN THE FUTURE, DISCHARGING THE FUND ADMINISTRATOR, AND TERMINATING THE FAIR FUND
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.
