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Regulation and Compliance > Federal Regulation > SEC

BISYS Settles With SEC

By Staff Writer

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A financial services support company says it has completed previously announced efforts to respond to an investigation by the U.S. Securities and Exchange Commission.

BISYS Group Inc., Roseland, N.J., says it has negotiated to final version of a previously announced settlement agreement with the SEC.

BISYS is settling with the SEC to resolve SEC concerns about BISYS’s 2004 and 2005 financial statement restatements.

BISYS “has agreed, without admitting or denying any wrongdoing, to refrain from future violations of the reporting, books and records and internal control provisions of the federal securities laws and related SEC rules,” BISYS says in an announcement of the settlement agreement.

BISYS put $25 million in escrow in January, and it will pay that amount in disgorgement and interest as part of the settlement, BISYS says.

“This settlement concludes the SEC’s investigation of this matter with respect to the company,” BISYS says.

BISYS board members and managers have cooperated fully with the SEC staff and believe the settlement is in the best interest of BISYS and its shareholders, BISYS Chairman Robert Casale says in a statement about the settlement.

“We have improved controls and procedures in our accounting practices, replaced key individuals throughout the firm, and worked to foster high ethical standards and produce reliable financial reporting for our shareholders,” Casale says.

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