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Water Cooler ex-CFO Found Guilty of Lies

Prosecutors reportedly accused the finance chief of failing to tell auditors that proceeds of a $1.75 loan to an investor were being used to buy shares in IPO at AquaCell.

> > Gary Wolff, ex-CFO of AquaCell Technologies and a founder of the company, pled guilty to one count of making false and misleading statements on Tuesday before U.S. District Judge Gerard Lynch in federal court in Manhattan.
The 68-year-old executive will face up to 10 years in prison when he is sentenced on Jan. 26. But the sentence could be much shorter. Peter Driscoll, his lawyer, told Dow Jones that the range under federal sentencing guidelines would be 10 months to 16 months in prison.
Source: CFO


Published:2006-11-02
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