Updated at 4:00 pm ET Reviving an issue Democrats first brought up when Mitt Romney ran for governor of Massachusetts in 2002, the Obama campaign said Thursday that Romney may have misstated his tenure at the helm of Bain Capital and might even have committed a felony by filing false statements with the Securities and Exchange Commission.

Stephanie Cutter, Obama’s deputy campaign manager, told reporters Thursday that either Romney was misrepresenting his position at Bain to the SEC “which is a felony, or he was misrepresenting his position at Bain to the American people to avoid responsibility for some of the consequences of his investments. And if that’s the case – if he was lying to American people -- then that’s a real character and trust issue that the American people need to take very seriously.”

Referring to Cutter's insinuation about a possible felony, Romney campaign manager Matt Rhoades said in a statement, “President Obama’s campaign hit a new low today when one of its senior advisers made a reckless and unsubstantiated charge to reporters about Mitt Romney that was so over the top that it calls into question the integrity of their entire campaign. President Obama ought to apologize for the out-of-control behavior of his staff, which demeans the office he holds."

The Obama camp's allegations came after the Boston Globe reported that Romney had remained as chief executive and chairman of Bain Capital until 2002, three years beyond the date he said he gave up control.

Evan Vucci / AP

Republican presidential candidate, former Massachusetts Gov. Mitt Romney gestures during a speech to the NAACP annual convention, Wednesday, July 11, 2012, in Houston, Texas.

The Globe story cited documents filed by Bain Capital with the SEC which state that Romney was “sole stockholder, chairman of the board, chief executive officer, and president” as late as 2002.

In a statement released Thursday Bain Capital said, "Mitt Romney left Bain Capital in February 1999 to run the Olympics and has had absolutely no involvement with the management or investment activities of the firm or with any of its portfolio companies since the day of his departure."

It added that, "Due to the sudden nature of Mr. Romney's departure, he remained the sole stockholder for a time while formal ownership was being documented and transferred to the group of partners who took over management of the firm in 1999. Accordingly, Mr. Romney was reported in various capacities on SEC filings during this period."