The Securities & Exchange Commission found that Midisoft Corp knowingly overstated its 1994 revenue by about 16% in its annual report. The agency, in an administrative order, also found that Calvin M Dyer, Midisoft’s chief financial officer at the time, falsified the company’s books and records, lied to the auditors and signed off on the 1994 annual report when he knew it was incorrect. Without admitting or denying guilt, Midisoft and Mr Dyer have consented to the order, which enjoins them from future violations of securities regulations. It said it has already restated the 1994 results, and the Commission action doesn’t affect recent figures. It said officers from the time have now left the company.
