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Business Crimes Hotline
CALIFORNIA
Executives of International Company Indicted for Falsely Inflating Revenues
Two top executives at an international technology company have been indicted for securities fraud, according to the DOJ. The defendants are accused of conspiring to improperly recognize revenue on deals they negotiated with at least four corporate business partners. The deals involved side agreements, such as granting the counter-party the right to return products or cancel orders, that were not revealed to the SEC or to the company's independent auditors. If these side agreements had been properly documented and reported, they would have made recognition of the revenue from the deals questionable. The purpose of the scheme was to ensure the company met quarterly financial goals and thereby sustain and increase the company's share price. After the scheme came to light, the company lost approximately $200 million in value. United States v. Chang. (Case No. 06-00187, N.D. Ca.).
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