People Processes

Private equity firm to pay over $550,000 in back wages and penalties over misclassifying employees as interns — MASSACHUSETTS — Employee misclassification A Boston private equity firm will pay more than half a million dollars in penalties and wages to 174 current and former employees in a settlement with the AG’s Office over the employer’s improper classification of employees as interns and its failure to pay those employees minimum wage and to keep proper employment records, according to Attorney General Maura Healey in a recent announcement. Search Fund Accelerator (SFA), its President Timothy Bovard and Treasurer Jeremy Silverman were issued two citations totaling $550,187 in restitution and penalties for violating the state’s wage and hour laws. “This private equity firm should have paid its employees, but instead treated them like unpaid interns,” said AG Healey. “I commend the employees at SFA for speaking up for themselves and their co-workers. We encourage all others who believe they are part of an