iPayment Issues Statement in Response to Government Charges Against Former Employees

WESTLAKE VILLAGE, Calif., March 10, 2017 /PRNewswire/ -- Today, the U.S. Department of Justice and the Securities and Exchange Commission (collectively, the "Government") announced charges against certain former employees of iPayment, Inc. (the "Company"). The Government's announcement, which relate to events publicly disclosed by the Company almost five years ago, brings to a close a regrettable period during which these former employees and outside contractors embezzled Company funds from 2008-2012. Since then, the Company has implemented controls to address and prevent these occurrences in the future. As publicly reported by the Company in 2012, the Company was the sole victim of the embezzlement schemes, and no merchants, agents or other business partners of the Company were affected. Beginning in 2012 when that the Company discovered the wrongful conduct at issue, the Company has cooperated fully with the Government's investigation and remains committed to doing so going forward.

About iPayment
iPayment is a premier provider of payment processing solutions in the U.S. With over 18 years of experience and more than 140,000 SMB customers, the company is consistently recognized for its depth of payments experience, breadth of product offerings, and commitment to transparency and SMB support. For more information on iPayment, please visit http://www.ipaymentinc.com.

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SOURCE iPayment, Inc.