Electronic Clearing Settles SEC Charges

Electronic Clearing House Inc., an Agoura Hills company that makes equipment used by stores to validate credit cards, has agreed to a consent judgment barring it from further violations of federal securities regulations after the Securities and Exchange Commission charged the company with late filing of several financial reports. The SEC last week sought an injunction against Electronic Clearing House in U.S. District Court in the District of Columbia.

The company admitted that since Dec. 29, 1986, it had filed late four annual reports, six quarterly reports and seven notifications of late filings.

Donald R. Anderson, Electronic Clearing House’s president and chief executive, said in an interview the late filings occurred because of financial problems at the company that stemmed from earlier management problems. Anderson said the company has since undergone a restructuring and planned to file all future financial reports on time.