SEC Announces Half-Million Dollar Clawback from Software Company CFOs

The SEC announced that two former Chief Financial Officers ("CFOs") have agreed to return nearly a half-million dollars in bonuses and stock sale profits that they received when their software company was still committing accounting fraud.

While not personally charged with the company's misconduct, the CFOs are required under Sarbanes-Oxley Act Section 304 to reimburse the company for bonuses and stock sale profits received during the time in which the fraud occurred. According to the SEC's order, the company overstated its pre-tax earnings and made material misstatements about its revenue recognition practices from 2008 to 2012.

See: SEC Order; SEC Press Release.