By Jerd Smith, Daily Camera
MDC Partners, the parent to global advertising agency CP+B in Boulder, will pay $1.5 million to the U.S. Securities and Exchange Commission to settle charges that the firm improperly paid perks to a former CEO and that it used non-standard metrics to report financials.
In a statement MDC CEO Scott L. Kauffman said, “We are extremely pleased to have concluded the SEC investigation. I am particularly gratified that the SEC formally acknowledged MDC’s high level of cooperation, our in-depth internal investigation conducted by the company’s special committee with outside counsel, and our self-initiated remedial measures.”
Local officials at CP+B’s Boulder offices declined to comment on the settlement.
Neither the SEC nor MDC would comment on the apparent discrepancy between Kauffman’s statement that the investigation had concluded and the SEC’s description of it as an ongoing case.
In its statement Wednesday, the SEC said that MDC’s former CEO, Miles Nada, returned perks worth $11.28 million that were received between 2009 and 2014 as a result of its investigation.
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