SEC Hits Ex-Tvia Execs For Revenue Reporting Fraud

Law360, New York (November 19, 2009, 4:56 PM EST) -- The U.S. Securities and Exchange Commission has accused a former executive of semiconductor company Tvia Inc. of making side deals with customers that caused the company to overreport revenues by $5 million and allowed him to pocket $300,000 after he cashed in stock options he had won for hitting revenue targets.

Benjamin Silva III, Tvia's former vice president of worldwide sales, was charged in a civil action along with former Chief Financial Officer Diane Bjorkstrom of financial reporting fraud for inflating revenues, according to an SEC...
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