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Monroe man sentenced to 10 years, $21M sanction

September 26, 2018

A Florida judge sentenced the former chief financial officer of Bankrate to 10 years in prison and ordered him to repay investors $21 million, after he pleaded guilty to orchestrating an accounting ploy to pad the company’s quarterly financial results.

Edward J. DiMaria, 53, admitted to cooking Bankrate’s books between 2010 and 2014 by leaving millions of dollars of unsupported expense accruals on the company’s financial statements, then reversing those in later quarters to boost earnings while covering up the artifice to auditors and investors.

In evidence submitted by prosecutors, in internal emails Bankrate financial staff had referenced the scheme as “Ed’s cushion.” The company’s former vice president of finance Hyunjin Lerner received a five-year sentence earlier this year.

DOJ has created a website for Bankrate investors to get information about their rights and options at www.justice.gov/criminal-vns/case/edward-j-dimaria.

Alex.Soule@scni.com; 203-842-2545; @casoulman

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