Polycom Agrees To Pay $750K To Settle SEC Civil Charges

(RTTNews) - The U.S. Securities and Exchange Commission charged the former CEO of Silicon Valley-based technology firm Polycom Inc. (PLCM) with using nearly $200,000 in corporate funds for personal perks that were not disclosed 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.

The SEC alleged that Andrew Miller created hundreds of false expense reports with bogus business descriptions for his personal use of company dollars to pay for meals, entertainment, and gifts.

In addition, he used Polycom funds to travel with his friends and girlfriend to luxurious international resorts while falsely claiming the trips were business-related site inspections in advance of company sales retreats. Miller hid the costs by directing a travel agent to bury them in fake budget line items.

In 2012 alone, Miller charged Polycom for more than $115,000 in personal expenses despite publicly reporting that he received less than $35,000 in perks that year.

The SEC separately charged Polycom in an administrative order finding that the company had inadequate internal controls and failed to report Miller's perks to investors.

The case against Miller continues in federal court.