The Securities and Exchange Commission whacked AOL and its parent Time Warner with a $300 million civil penalty for materially overstating online advertising revenues, according to ZDNet. In a settlement, Time Warner will pay the fine but not admit to wrongdoing. The company was also charged with aiding and abetting securities fraud. AOL eventually made two major restatements, one showing $190 million in exaggerated revenues, and then another one for $500 million. AOL said it hired an auditor to go through its books once again to make sure that there aren't any remaining skeletons in the closet. The firm said it should know in the next six months if anything else crops up. Although the SEC separately settled charges with senior AOL accounting executives, such as its CFO and controller, AOL is keeping them close, sending out a release saying that "We have confidence in our top financial officers, and we're pleased that they will continue to serve our company in their current positions." The SEC said that its AOL investigations continue. Click here for additional coverage.