Ex-Pegasus CFO Cops To Stock Scheme

Law360, New York (March 21, 2011, 5:17 PM EDT) -- The former chief financial officer of defunct networking technology company Pegasus Wireless Corp. on Thursday confessed in a California court to illegally selling millions of shares of stock he secretly controlled and concealing his transactions in regulatory documents.

Stephen Durland pled guilty in the U.S. District Court for the Northern District of California to counts of conspiracy to commit securities fraud, securities fraud, and falsifying books, records and accounts in connection with the scheme, which also allegedly involved Pegasus’s former CEO.

Durland originally pled not guilty...
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