Bad Guys go to Jail!
In an earlier posting (January 14 2007), I shared how the three key executives at process industry software company AspenTech were indicted on various counts of fraud.
This past week, one of the three confessed. Now he’s almost certainly off to jail, do not pass go, do not even go to work, etc, etc.
Yikes! This is serious stuff. All the more reason for every executive at every company to play it straight like we do at PAS.
Here’s the link to the latest news release:
And here’s a summary of the article:
NEW YORK, March 26 (Reuters) - The former chief executive of software company Aspen Technology Inc., in a deal with prosecutors on Monday, pleaded guilty to charges of falsifying Aspen's revenue figures.
David McQuillin had faced up to five years in prison and $250,000 in fines for the conspiracy charge and as much as 20 years in prison and $5 million in fines on the fraud charge.
"I was motivated by a desire to help a company that was struggling and not for personal gain and aggrandizement," McQuillin said in a prepared statement after pleading guilty at Manhattan Federal Court to one count of conspiracy to commit securities fraud and one count of securities fraud.
"That said, I am ashamed that I headed down the road that I did, which I knew was wrong."
Now he faces 12 to 18 months in prison, according to the plea agreement. He is scheduled to be sentenced in July.
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