Infineon execs to get jail terms
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Four sales executives of German microchip firm Infineon plead guilty to price fixing and accept jail terms, the US Justice Department says.
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An insurance chief and two of his directors face sentencing after being convicted of defrauding investors.
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Former execs had been charged with fraudulent wire communications, identity theft and conspiracy.
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Four people have been sentenced to jail time and tens of millions of dollars in fines for buying discounted Microsoft software and then illegally reselling it at a profit.Mirza Ali, 60, and Sameena Ali, 53, the husband-and-wife owners of Samtech Research, were sentenced Wednesday to five years in prison and ordered to pay more than $25 million in fines to Microsoft for their role in a software reselling scheme run between 1997 and 2001.The Alis and their associates purchased more than $29 million worth of software at Microsoft&#39;s academic-discount rates and then resold it to nonacademic entities, making more than $5 million in profits. The two were convicted on Nov. 28, 2006, and had been awaiting sentencing.Previous to this, the Alis had already been kicked out of Microsoft&#39;s AER (Authorized Education Reseller) program, but they &quot;formed new corporations ... to disguise their identity from Microsoft and re-enter the AER program,&quot; the U.S. Department of Justice said in a statement, released Thursday.They laundered their profits by purchasing real estate in their son&#39;s name and by wiring more than $300,000 to Pakistan, the DOJ said.Two of the Alis associates, Keith Griffen, 56, and William Glushenko, 66, were also sentenced in connection with the case. Griffen, a partner in some of the Alis&#39; corporations, was sentenced to 33 months in prison and $20 million in fines. Glushenko was given one year of probation and 100 hours of community service.The scam was exposed during the course of a two-year undercover investigation called &quot;Operation Cyberstorm,&quot; which was conducted by the FBI and the U.S. IRS.
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Germany&#39;s Infineon Technologies AG has agreed to plead guilty to charges of price-fixing and pay a $160 million fine as part of a US investigation into the computer-memory chip industry, US antitrust authorities said Wednesday.
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NEW YORK - With four of its executives pleading guilty to price-fixing charges today, Infineon will have a hard time arguing that it didn&#39;t fix prices in its ongoing litigation with Rambus.
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A former UBS PaineWebber   employee was sentenced to eight years in prison on Wednesday  for planting a computer "logic bomb" on company networks and  betting its stock would go down.
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(InfoWorld) - Four former executives with computer networking and security vendor Enterasys Networks have been sentenced to prison terms for their roles in accounting fraud at the company that cost investors millions of dollars, the U.S. Department of Justice announced Tuesday. The executives were convicted on conspiracy and fraud charges during a December 2006 trial. At sentencing hearings that began last week in U.S. District Court for the District of New Hampshire, Judge Paul Barbadoro sentenced former Enterasys CFO Robert J. Gagalis to 11 1/2 years in prison. Gagalis was convicted of one count of conspiracy, two counts of securities fraud, one count of making false statements to auditors of a public company, and four counts of wire fraud. Bruce D. Kay, a former Enterasys finance executive, was sentenced to 9 1/2 years in prison. The jury found Kay guilty of one count of conspiracy, two counts of securities fraud, one count of falsifying books and records of a public company, one count of making false statements to auditors of a public company, and three counts of wire fraud. Robert G. Barber, a former Enterasys business development executive, was sentenced to eight years in prison and fined $25,000. The jury found Barber guilty of conspiracy, two counts of securities fraud, one count of falsifying books and records of a public company, and one count of making false statements to auditors of a public company. Hor Chong "David" Boey, former finance executive in Enterasys' Asia Pacific division, was sentenced to three years in prison. Boey was convicted of conspiracy, two counts of securities fraud, one count of falsifying books and records of a public company, one count of making false statements to auditors of a public company, and two counts of wire fraud. Starting in mid-2001, the four defendants and other Enterasys executives inflated the company's revenue figures as a way to meet expectations of financial analysts and to maintain or increase the price of the company's stock, the DOJ said. The defendants backdated and falsified documents and concealed terms of business transactions from Enterasys' auditors in order to inflate revenue, the DOJ said. The conspirators also fraudulently created false revenue by secretly investing company funds in other companies and having those companies to use the investment proceeds to buy Enterasys products. Because of the fraudulent scheme, public investors lost at least $97 million, the DOJ said. The four "will spend years in prison for perpetrating a fraud that cost Enterasys shareholders millions of dollars," Alice Fisher, assistant attorney general in the DOJ's Criminal Division, said in a statement. Several other former Enterasys executives, including former Chairman, President and CEO Henry Fiallo have previously pleaded guilty to felony charges in connection with the scheme. To date, eight former Enterasys executives have been convicted of felonies. An Enterasys spokesman said the none of the four defendants have worked for the company recently. The company is under new management and ownership since the accounting fraud case was filed, and the convictions will not affect the company going forward, said Kevin Flanagan, company spokesman. The accounting fraud case "is very much in the past" for the company, he added.
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Four Infineon Technologies executives have agreed to pay US$250,000 fines and serve prison time in the US for their roles in an international conspiracy to fix prices for DRAM computer memory chips, the Justice Department announced yesterday.
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Four executives at Infineon Technologies AG and its US subsidiary, Infineon Technologies North America Corp., are to plead guilty to participating in an international conspiracy to fix prices in the DRAM market, the US Department of Justice (DoJ) said
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WASHINGTON : German microchip giant Infineon Technologies agreed to plead guilty and to pay a 160 million dollar fine for participating in &quot;an international conspiracy to fix prices&quot; US officials said.
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Frank P. Quattrone, the banker whose deal making helped fuel the 1990Âs technology boom, is expected to receive a sentence of 16 months.
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THE DEPARTMENT of Justice said that four employees of Infineon have pleaded guilty to charges of price fixing DRAM. Three German citizens and one US citizen will each pay $250,000 in fines as well as serving between four to six months in jail.
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Former Qwest CEO Joseph Nacchio should serve more than seven years for insider trading, prosecutors recommend.
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Former Samsung Semiconductor Inc executive Thomas Quinn has pleaded guilty to price fixing, and expects to serve eight months in prison, the US Department of Justice said.
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Four former executives with computer networking and security vendor Enterasys Networks sentenced to prison terms.
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Four executives at German memory supplier Infineon and its US subsidiary pleaded guilty to charges of illegally setting prices for PC memory chips, the US Department of Justice (DOJ) announced Thursday.