SEC Charges Former CEO With Using Corporate Funds for Personal Perks Without Disclosure to Investors
On March 31, 2015, the Securities and Exchange Commission (“SEC”) filed a complaint in federal court against the former CEO of Polycom, Inc., Andrew Miller, alleging that he used nearly $200,000 in corporate funds for personal perquisites that were not disclosed to investors. The SEC also instituted settled administrative cease-and-desist proceedings against Polycom due to its alleged failure to implement adequate internal accounting controls and failure to report Miller’s perks to investors.