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BANKRATE SETTLING SEC CHARGES OF MANIPULATING RESULTS

Bankrate Inc., an online publisher of widely read consumer-finance data, has agreed to pay a US$15-million fine to settle federal regulators’ charges that it manipulated its financial results to meet Wall Street’s expectations.

The SEC announced the settlement of civil charges of accounting fraud with Bankrate and a former vice-president of finance at the company on Sept. 8. Bankrate, based in North Palm Beach, Florida, neither admitted nor denied wrongdoing. It has agreed to refrain from future violations of the securities laws.

 

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