Ex-MedQuist CFO Settles SEC Suit Over Billing Fraud

By Samuel Howard (April 29, 2011, 8:09 PM EDT) -- Former MedQuist Inc. Chief Financial Officer Brian Kearns on Friday agreed to pay $50,000 to settle a U.S. Securities and Exchange Commission suit in New Jersey over an allegedly fraudulent billing scheme at the medical transcription company.

Without admitting or denying the allegations, Kearns brought the agency's fraud suit to an end, consenting to a final judgment that imposes a $50,000 civil penalty and bars him from violating securities laws or failing to abide by bookkeeping and internal governance standards.

The SEC sued Kearns and MedQuist Controller Bruce Van Fossen in July 2009, alleging they were instrumental in the company's scheme...

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