The Bisys Group Inc. a financial outsourcing service provider has agreed to pay $25 million to finish off a Securities and Exchange Commission charge that it is supposed to being entangled in improper accounting practices. The Roseland, N.J.-based company and also being acquitted by Citigroup recently was accused of disobeying security laws that rule books-and-records, financial reporting and internal control provisions. Bisys Group gives financial products and support services to approximately 2,000 investment funds,
The SEC has earlier claimed that Bisys officers have overstated company's financial results for the fiscal years ended June 30, 2001, 2002 and 2003. Mostly company’s insurance service division is responsible for the blame. SEC felt that Bisys has failed to control accounting malpractices of the newly integrated companies.
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