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UCI Medical Affiliates, Inc.'s Internal Investigation Leads to SEC Action and Criminal Charges Against Former Executive Officer
Date:7/8/2009

COLUMBIA, S.C., July 8 /PRNewswire-FirstCall/ -- UCI Medical Affiliates, Inc. (UCIA.PK) announced that on July 6, 2009, the Securities and Exchange Commission filed a Complaint in the United States District Court for the District of South Carolina against Jerry F. Wells, Jr., the former Executive Vice-President of Finance, Chief Financial Officer, and Secretary of UCI Medical Affiliates, Inc. (the "Company"), alleging violations of the Securities and Exchange Act of 1934 and the rules promulgated thereunder, and seeking to permanently enjoin Mr. Wells from engaging in any future violations and from serving as an officer or director of a public company. On July 6, 2009, Mr. Wells filed a Consent with the court stating that he will not oppose the court's awarding the injunction requested by the Commission. Criminal charges brought by the United States Department of Justice are also pending.

The Complaint alleges, among other things, the following information. Between 2003 and 2008, Mr. Wells embezzled approximately $2.97 million from the Company through a variety of measures including: (1) using the Company's corporate credit card to pay personal expenses; (2) preparing false expense reports and submitting them for reimbursement; and (3) submitting check requests for non-business expenses, including construction work on Mr. Wells' personal residences. Mr. Wells capitalized a portion of the expenses as fixed assets on the Company's balance sheet, rather than expensing them in their entirety as they were incurred, thereby causing the Company to overstate its net earnings in the affected periods. To justify capitalizing some of these expenses, Mr. Wells altered invoices from contractors performing work on his personal residences to indicate that the work was for one of the Company's facilities, and provided fraudulent work descriptions on the related check requests. Mr. Wells signed each of the Company's Forms 10-Q and 10-K and accompanying Sa
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SOURCE UCI Medical Affiliates, Inc.
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