Bankrate Fair Fund
Bankrate Fair Fund SEC Admin. Proc.
File No. 3-16786 & 3-16787

In the Matter of Bankrate, Inc. Admin. Proc. File No. 3-16786 and In the Matter of Hyunjin Lerner, CPA, Admin. Proc. File No. 3-16787


This website provides information about the U.S. Securities and Exchange Commission’s (“SEC”) distribution of the Bankrate Fair Fund (‘Fair Fund’).  Persons who purchased or otherwise acquired Bankrate, Inc. (“Bankrate”) common stock (“Eligible Securities”) between August 1, 2012 and October 9, 2014, inclusive (the “Relevant Period”), and were harmed thereby are eligible for a distribution payment.

The information contained on this website is a summary of the information presented in more detail in, among other things, the Distribution Plan approved by the SEC, of which you can review through the “Important Documents” tab on this website.

You should visit this website often to get the most up-to-date information on the Bankrate Fair Fund (“Fair Fund”).

The Claims Bar Date for this matter has passed and the Fair Fund was distributed on August 4, 2022.


The Administrative Proceeding

The U.S. Securities and Exchange Commission’s Division of Enforcement has prepared this Proposed Plan of Distribution (the “Plan”) pursuant to Rule 1101 of the Commission’s Rules on Fair Fund and Disgorgement Plans (“Commission’s Rules”), 17 C.F.R. § 201.1101.  As described more specifically below, the Plan proposes for the distribution of the funds collected from Bankrate, Inc. (“Bankrate”) and Hyunjin Lerner, CPA (“Lerner”) in the above-referenced matters, as well as funds received in a related district court proceeding.

On September 8, 2015, in two related settled administrative proceedings the Commission issued separate orders (collectively, the “Orders”), against Bankrate and Lerner (collectively, the “Respondents”) finding that they violated the federal securities laws.  The Commission’s Orders arose out of substantially similar facts and occurred within a subset of the time period as the violations alleged in a related class action (the “Class Action”).   In the Orders, the Commission found that, during the second quarter of 2012, Bankrate, through its chief financial officer, Edward DiMaria (“DiMaria”), vice president and director of accounting, Matthew Gamsey (“Gamsey”), and vice president of finance, Lerner, intentionally manipulated its financial results to meet and/or exceed analyst consensus estimates for key financial metrics.  As a result of the manipulation, Bankrate materially overstated its financial results for the second quarter of 2012.

The Commission ordered Bankrate to pay a $15,000,000 civil penalty and ordered Lerner to pay a $150,000 civil penalty, $30,045 in disgorgement, and $2,571 in prejudgment interest.  Bankrate and Lerner paid the funds in full to the Commission on September 10, 2015 and September 18, 2015, respectively.  On May 8, 2017, a single fair fund (the “Fair Fund”) was established, pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, which combined the $15,182,616 in civil penalties, disgorgement, and prejudgment interest paid by Bankrate and Lerner for distribution to harmed investors.

In a related district court action (the “District Court Action”),  pursuant to their respective judgments, DiMaria paid $231,158.56 in disgorgement, prejudgment interest, and civil penalties and Gamsey paid a $60,000 civil penalty to the Commission, which was transferred into the Fair Fund for distribution with the funds therein.

The Bankrate Fair Fund and the Fund Administrator

In total, $15,473,774.56 was paid into the Fair Fund. The Fair Fund is subject to the continuing jurisdiction and control of the Commission and the Fair Fund is currently on deposit in a Commission designated interest-bearing account at the United States Department of Treasury (“U.S. Treasury”) Bureau of Fiscal Service (“BFS”). 

On January 18, 2018, the Commission issued an order appointing JND Legal Administration as the fund administrator (the “Fund Administrator”) of the Fair Fund.

You can view and download a copy of this Order through the “Important Documents” tab on this website.

The Distribution Plan

On October 15, 2020, the SEC approved a plan for the distribution of the Bankrate Inc. Fair Fund (the “Plan”).  Persons (other than Excluded Parties) who purchased, acquired, or were gifted as compensation Bankrate common stock from August 1, 2012 through October 9, 2014, inclusive, including investors who purchased shares in the March 2014 secondary offering of Bankrate common stock., including all Class Action Authorized Claimants, who have an Eligible Loss Amount equal to or greater than the Distribution De Minimis Amount.

How do I obtain more information?

Additional information can be found by visiting the “Important Documents” tab or the “Frequently Asked Questions” tab visible at the top of this webpage.  You can obtain additional information by contacting the Fund Administrator toll free at 1-888-921-0721; by sending an email to or by mailing a letter to:

Bankrate Fair Fund
c/o JND Legal Administration
PO Box 91229
Seattle, WA 98111


For More Information

Visit this website often to get the most up-to-date information.


Bankrate Fair Fund
c/o JND Legal Administration
P.O. Box 91229
Seattle, WA 98111