No, they were acquired by Citi in 2007.
Prior to being acquired BISYS Group bought an institutional soft
dollar brokerage firm named Boston Institutional Services. A few
years later the SEC investigated BISYS for alleged soft dollar
abuses. The SEC alleged that, through its soft dollar subsidiary,
BISYS was kicking-back soft dollar brokerage commissions to its
mutual fund advisor clients. Under Section 28(e) of the Securities
Exchange Act of 1934, soft dollar commissions can only be used for
very specific purposes, and apparently BISYS was in violation of
Section 28(e).
In 2006 BISYS paid two fines (25 million and 21.4 million) to
the SEC to settle suits related to the soft dollar allegations and
to the mis-statement of certain revenue on its financial
reports.
Key word search: CFO Magazine BISYS Settles More Charges With
SEC by Steven Taub Nov. 6, 2006
