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Aguilar Dissents SEC Settlement, Fears Trend Toward Weak Stand on Fraud

Tammy Whitehouse | August 29, 2014

In a rare show of dissent among commissioners at the Securities and Exchange Commission, Luis Aguilar has published a scathing public statement denouncing a settlement surrounding falsifying revenue as a “wrist slap.”

Aguilar took exception over the SEC’s settlement with Lynn Blodgett, former president and CEO of Affiliated Computer Services, and Kevin Kyser, who were accused of inflating revenue figures and internal growth in reports to investors by falsely describing resale transactions as revenue. The settlement imposes a cease-and-desist order on both, as well as disgorgement and fines totaling nearly $675,000, about $210,000 of it charged to Kyser.

Aguilar believes Kyser got off too easily. “Given the egregious...

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