As a result of the alleged fraud, Bankrate reported revenues of $37.5 million for the second quarter of 2012, beating analyst estimated by approximately $300,000. According to the SEC, if not for the improper accounting entries, the revenue would have only been $36.2 million.

When the company’s stock rose after announcing the inflated financial results, DiMaria allegedly proceeded to sell more than $2 million in shares.

DiMaria, Gamsey and Lerner allegedly lied to Bankrate’s auditor about the improper accounting entities. The commission claims that Lerner knew or was reckless in not knowing that the company’s actions and attempts to conceal the fraud violated Generally Accepted Accounting Principles.

In their settlement, Bankrate and Lerner consented to a cease-and-desist order barring them from future violations of federal antifraud, reporting and bookkeeping laws. In addition to the fine, Lerner has agreed to be barred from serving as an officer or director of a public company and from public company accounting for five years.

In the SEC’s continuing action against DiMaria and Gamsey, the SEC is seeking financial penalties and officer, director and public company accounting bars. In the action against DiMaria, the SEC also seeks recovery of improper profits from the sale of Bankrate stocks.

Bankrate publishes consumer financial services information through an online network that includes Bankrate.com, CreditCards.com, Interest.com, InsuranceQuotes.com, and CD.com, and offers customer leads to financial institutions. The company also provides editorial content and research to publications like AOL, CNBC, USA Today, and The Wall Street Journal.

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