SEC Says Pegasus, Execs Took Investors For $30M

Law360, New York (May 27, 2009, 12:00 AM EDT) -- Federal regulators have brought securities fraud claims against Pegasus Wireless Corp. and two company officers for allegedly swindling investors out of millions of dollars by illegally selling shares in the technology company.

The U.S. Securities and Exchange Commission filed suit Wednesday in the U.S. District Court for the Northern District of California, accusing the wireless technology firm, former CEO Jasper Knabb and former Chief Financial Officer Stephen Durland of raking in more than $30 million through the improper sale of hundreds of millions of company shares...
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