SEC Charges Former CEO with Hiding Perks from Investors

The SEC charged the former CEO of technology firm Polycom Inc. with spending corporate funds on personal perks that were not disclosed to investors.

The SEC alleged that the former CEO created hundreds of false expense reports with bogus business descriptions to disguise his personal use of the company's money to pay for meals, entertainment and gifts.

The SEC also charged Polycom separately in an administrative order, finding that the company had inadequate internal controls and failed to report the CEO's perquisites to investors. Polycom agreed to settle the SEC's charges, but the case against the CEO will continue in federal court.

See: SEC Press Release; SEC Complaint; SEC Order. See also: Bali Package Deal.