NU Online News Service, July 26, 10:09 a.m. – Oxford Health Plans Inc., Trumbull, Conn., says it has agreed to pay a $250,000 civil penalty to resolve an investigation that the U.S. Securities and Exchange Commission started in December 1997.
The SEC began reviewing Oxford's financial statements shortly after the company reported that computer and accounting problems would force it to record hundreds of millions of dollars in unexpected losses.
"Without admitting or denying the SEC's findings, all dating back to 1997, Oxford consented to the entry of an administrative cease and desist order regarding certain books and records, internal controls and reporting provisions of the Securities Exchange Act of 1934 and a civil penalty of $250,000," Oxford says in a statement about the settlement. "The SEC's order does not make any findings of fraud by Oxford or any of its present or former officers or directors."
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