Ten Years for Securities Fraud - I
March 12, 2010
Securities fraud games were played out in California, and the deals came to more than $8.5 billion. FBI Special Agent Chris Fuelling says the Securities and Exchange Commission called the FBI about a software company.
Mr. Schiff: Securities fraud games were played out in California, and the deals came to more than $8.5 billion. FBI Special Agent Chris Fuelling says the Securities and Exchange Commission called the FBI about a software company.
Mr. Fuelling: "The allegations were that several executives at this public software company had essentially cooked their books by falsely inflating software revenues, therefore possibly committing securities fraud violations.”
Mr. Schiff: Fuelling, at the FBI’s San Francisco office, says the company’s CEO was eventually indicted on several counts.
Mr. Fuelling: "Securities fraud and circumventing internal accounting controls at a public company.”
Mr. Schiff: Fuelling says this now former CEO was aware that some other executives were committing fraud by inflating company revenues and didn’t stop it.
Mr. Fuelling: "As CEO, he signed several public filings, which contained the falsely inflated revenue numbers.”
Mr. Schiff: The CEO went to trial and was convicted. He’s serving 10 years behind bars and has to pay a $1 million fine. Other employees were also charged. I’m Neal Schiff of the Bureau, and that’s the FBI’s Closed Case of the Week.
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