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SEC Sues Bally on Fraud Charges, Reaches Settlement

Published Friday, February 29, 2008

CHICAGO -- On the same day the Securities and Exchange Commission (SEC) filed a civil lawsuit against Bally Total Fitness on financial fraud charges, the Chicago-based health club company reached a settlement with the SEC. However, the SEC’s investigation is continuing, according to a statement. The SEC filed the suit Thursday in the United States District Court for the District of Columbia. The SEC alleges that from 1997 to 2003, Bally fraudulently accounted for three types of revenue it received from its members: initiation fees, pre-paid dues and reactivation fees, and Bally also fraudulently accounted for its membership ...

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