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Polycom CEO Andy Miller hid personal use of corporate funds, SEC says
The Securities and Exchange Commission has charged Andrew Miller, the former chief executive of San Jose-based Polycom, with using $190,000 in corporate funds for personal use and covering up his scheme with fake expense reports.
Miller resigned as Polycom's CEO, president and a director in July 2013 after the board's audit committee "found certain irregularities in Mr. Miller's expense submissions, for which Mr. Miller accepted responsibility," the company said in a press release at the time.
The SEC separately charged Polycom in an administrative order. It found that the maker of video conferencing equipment had inadequate internal controls and failed to report Miller's perks to investors. Polycom agreed to pay $750,000 to settle the SEC's charges, without admitting or denying guilt.
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