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Ex-TV Guide Execs Hit With Fraud Charges

The SEC alleges former CEO,CFO, artificially boosted revenue to deceive outside auditors.

> > The SEC has charged former Gemstar-TV Guide CEO Henry Yuen and CFO Elsie Leung with fraud. According to the SEC, the executives recorded licensing and advertising revenue from expired or disputed contracts. This manipulation of company finances distorted company true performance representing a betrayal of the investing public.
The suit, filed in federal court in LA, seeks monetary penalties and the return of gains from the alleged fraud. It also seeks to permanently ban Yuen and Leung from serving as officers in any public traded company.

Source: CFO article


Published:2003-06-23
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