In the Matter of Bankrate, Inc.
Admin. Proc. File No. 3-16786

    In the Matter of Hyunjin Lerner, CPA
    Admin. Proc. File No. 3-16787

On September 8, 2015, the Commission instituted and simultaneously settled separate cease-and desist-proceedings against Bankrate, Inc. (“Bankrate”) and Hyunjin Lerner (“Lerner”) (collectively, the “Respondents”). The Commission found that, during the second quarter of 2012, the Respondents violated federal securities laws by intentionally manipulating Bankrate’s financial results in order to meet and/or exceed analyst consensus estimates for key financial metrics. The Commission ordered the Respondents to pay a total of $15,182,616.00 in disgorgement, prejudgment interest, and civil money penalties. See the Commission’s orders: Release Nos. 33-9901 and 33-9902.

The Respondents have paid a total of $15,182,616.00 for the distribution to harmed investors (“Distribution Fund”).

On May 26, 2016, the Commission issued an order appointing Damasco & Associates LLP (“Damasco”) as the Tax Administrator of the Distribution Fund. Damasco was acquired by Miller Kaplan Arase LLP and on June 30, 2017, the Commission issued a notice of name change for the Tax Administrator.

On May 8, 2017, the Commission issued an order establishing a Fair Fund for the $15,182,616.00 in disgorgement, prejudgment interest, and penalties paid by the Respondents. See the Commission’s order: Release No. 34-80626.

For more information, please contact the Commission:

Office of Distributions