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Sarbanes-Oxley News & Developments
Former Peregrine VP Pleads Guilty To Securities FraudSteven S. Spitzer pleaded guilty to a conspiracy charge, making him the second executive from Peregrine to do so.
> > Steven S. Spitzer, former VP of sales at Peregrine, pleaded guilty to consipiracy to commit securities fraud. The charge carries a maximum of five years in prison.
Spitzer negotiated some of the largest fraudulent transactions and made $5.2 million selling Peregrine stock while he was aware of or aiding fraud at the company, according to the SEC. He is currently released on $75,000 bond. The SEC filed a civil complaint asking a federal judge to order Spitzer to repay all ill-gotten gains.
Spitzer issued a statement through his attorneys, apologizing for his mistakes and the pain he caused.
In April, Matthew C.Gless, former CFO of Peregrine, pleaded guilty to conspiracy to commit securities fraud and agreed to cooperate with federal investigators. Gless faces up to 15 years in prison.
Ilse Cappel, a former treasurer for Peregrine pleaded guilty last year to conspiring to commit bank fraud.
Source: Silicon Valley article
Published:2003-06-17
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