Court Enters Final Judgment Against CEO of Polycom

Polycom Inc - Securities Lawyer 101The Securities and Exchange Commission announced that on January 26, 2016, the Honorable Yvonne Gonzalez Rogers of the United States District Court for the Northern District of California entered a final judgment against Andrew Miller, the former CEO of Silicon Valley-based technology firm, Polycom Inc.

Without admitting or denying the allegations in the complaint, Miller consented to the entry of the final judgment that:

  • Permanently enjoins him from violating Section 17(a) of the Securities Act of 1933 (“Securities Act”), and Sections 10(b), 13(b)(5) and 14(a) of the Securities and Exchange Act of 1934 (“Exchange Act”), and Rules 10b-5, 13a-14, 13b2-1, 14a-3 and 14a-9 thereunder, and from aiding and abetting violations of Sections 13(a) and 13(b)(2)(A) of the Exchange Act, and Rules 12b-20 and 13a-1 thereunder;
  • Bars Miller from acting as an officer or director of a public company for five years; and
  • Orders Miller to pay $450,000 in disgorgement, prejudgment interest and a penalty.
    The court’s entry of the judgment against Miller ends the litigation against him.

The SEC’s complaint alleges that Miller used $190,000 in the corporate funds of Polycom for personal perks that investors were not informed of and created false expense reports to pay for meals, entertainment, gifts, and engaged in other deceptions, to obtain undisclosed payments for personal expenses and for travel with his friends and girlfriend to resorts. The SEC separately charged Polycom in an administrative order finding that the company had inadequate internal controls and failed to report Miller’s perks to investors. Polycom agreed to pay $750,000 to settle the SEC’s charges, without admitting or denying the SEC’s findings as to the company.

For further information about this securities law blog post, please contact Brenda Hamilton, Securities Attorney at 101 Plaza Real S, Suite 202 N, Boca Raton, Florida, (561) 416-8956, by email at [email protected] or visit www.securitieslawyer101.com.   This securities law blog post is provided as a general informational service to clients and friends of Hamilton & Associates Law Group and should not be construed as, and does not constitute legal advice on any specific matter, nor does this message create an attorney-client relationship.  Please note that the prior results discussed herein do not guarantee similar outcomes.

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