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U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 23454 / January 27, 2016

Accounting and Auditing Enforcement Release No. 3734 / January 27, 2016

Securities and Exchange Commission v. Andrew M. Miller, Civil Action No. 3:15-cv-1461-YGR (LB) (N.D. Cal.)

The Securities and Exchange Commission announced today 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 Commission's complaint, filed on March 31, 2015, alleged that Miller used $190,000 in corporate funds for personal perks that were not disclosed to investors 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 Commission 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 additional information, see Press Release 2015-53 (March 31, 2015) and Litigation Release No. 23225 (March 31, 2015).

 

http://www.sec.gov/litigation/litreleases/2016/lr23454.htm


Modified: 01/27/2016