NIC CFO Cleared On All 12 Charges In Fraud Suit

Law360, Los Angeles (December 3, 2013, 8:56 PM EST) -- A Kansas federal jury on Monday cleared NIC Inc.’s chief financial officer of all 12 counts brought against him by the U.S. Securities and Exchange Commission in a suit accusing him of concealing $1.18 million paid to the company's former chief executive officer.

The civil fraud action was brought against Stephen Kovzan in January 2011 by the SEC, claiming securities fraud; violations of the Securities Exchange Act's books, records and internal controls provisions; and aiding and abetting NIC's alleged securities law violations. The SEC alleged Kovzan...
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