Huron Consulting Group has announced the resignation of three of its executives, following notice by the Chicago-based consultancy firm that it is restating three fiscal years of financial statements on the heels of a financial scandal.

Chairman and CEO Gary Holdren, whose resignation became effective Aug. 3, will leave Huron at the end of August. Also departing the company are CFO Gary Burge, and Chief Accounting Officer Wayne Lipski.

James Roth, formerly vice president of health and education consulting for the company, replaces Holdren as CEO, while George Massaro, currently vice chairman of the board, will assume the role of chairman. In addition, James Rojas will become the company's new CFO. The firm has not yet named a new chief accounting officer.

The company said it will restate its financial results for the fiscal years 2006, 2007, and 2008 and the first quarter of 2009 following a discovery by the firm’s audit committee that shareholders of four businesses acquired by Huron between 2005-2007 redistributed portions of their acquisition-related payments among themselves and to other select Huron employees, the company said in its 8-K filing with the SEC.

But that’s not the only hot water that the firm has found itself in. Huron also announced that it is conducting a separate investigation into its allocation of chargeable hours in response to an inquiry from the SEC. The company’s 8-K can be found here.