United States v. Edward J. DiMaria
Court Docket No.: 1:17-cr-20898 (S.D. Florida)
Court Assigned: This case is assigned to Chief Judge K. Michael Moore, U.S. District Court for the Southern District of Florida, Wilkie D. Ferguson, Jr., U.S. Courthouse, 400 North Miami Ave., FL 33128.
Criminal Charges: On December 19 2017, Edward J. DiMaria, 52, of Fairfield County, Connecticut, was charged in an indictment filed in the Southern District of Florida with one count of conspiracy to make false statements to a public company’s accountants and to falsify a public company’s books, records and accounts; six counts of false entries in a public company’s books, records and accounts; three counts of false statements to a public company’s accountants; one count of conspiracy to commit securities fraud and wire fraud; one count of wire fraud, and one count of securities fraud. DiMaria, who previously worked at Bankrate’s offices in New York City, made his initial appearance on December 20, 2017 before U.S. Magistrate Judge Edwin G. Torres of the Southern District of Florida and was released on bond.
The indictment alleges that between 2011 and 2014, DiMaria and his co-conspirators carried out a complex scheme to manipulate Bankrate’s financial statements and artificially inflate Bankrate’s earnings. According to the indictment, DiMaria and his co-conspirators allegedly engaged in so-called “cookie jar” or “cushion” accounting where over a million dollars in unsupported expense accruals were left on Bankrate’s books and then selectively reversed in later quarters to meet earnings goals. In addition, DiMaria and his co-conspirators allegedly misrepresented certain company expenses as “deal costs” in order to artificially inflate publicly reported adjusted earnings metrics, and made materially false statements to conceal the improper accounting entries from Bankrate’s auditors, shareholders and the investing public. The indictment further alleges that while DiMaria was misleading Bankrate’s auditors and the public about the company’s financial condition he realized millions of dollars from selling his own shares of Bankrate stock.
On June 28, 2018, DiMaria was charged in a superseding information with one count of conspiracy to make false statements to a public company’s accountants, to falsify a public company’s books and records, and to commit securities fraud, and one count of false statements.
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