The bankrupt Las Vegas software company PurchasePro founder and CEO Charles Johnson as a result of stock fraud was sentenced to 9 years imprisonment.
In May this year, Johnson identified the existence of stock fraud, collusion with a witness and obstruction of justice, and other acts. Aemrica District Judge Liam Grady Johnson sentenced to imprisonment for 9 years, well below the limit recommended by the prosecution of 16 years imprisonment to 17 and a half years. Grady believes that Johnson’s crimes took place seven years ago, it should be seven years ago has been convicted of law.
In the high-tech bubble burst, making Johnson the first quarter of 2001, the company’s revenue. In the seven-year investigation, a total of 7 people found guilty. At the same time, America Online has also been involved, because America Online has been a business partner of PurchasePro. The prosecution pointed out that in order to meet Wall Street expectations, Johnson forged through the back and fill in the date of the contract with America Online signed a secret agreement, and other means of making the company the first three months of 2001 revenue.
PurchasePro’s business is dependent on America Online, the core product of the United States, primarily through online sales. America Online in 2004 to pay 2.1 billion dollars to the understanding of the lawsuit. In Johnson before, PurchasePro 4 and mid-level former executives have pleaded guilty.
