Two Charged with Phony Cheese Sales
The company "was essentially an illusion as a business and a lie for investors," says a prosecutor; government alleges $600 million in mostly fictitious transactions.
Stephen Taub, CFO.com
July 13, 2005
Two former executives of now-defunct cheese manufacturer Suprema Specialties Inc. have been charged in a scheme to book millions of dollars in phony sales to defraud the company's lenders and investors, according to U.S. Attorney Christopher J. Christie.
Co-founder, former chairman, and former chief executive officer Mark Cocchiola, as well as former chief financial officer and corporate secretary Steven Venechanos, were each indicted on 38 counts of conspiracy, bank fraud, securities fraud, and mail and wire fraud.
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