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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
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