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:
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.