Gov't Opens Book-Cooking Case Against Ex-Vitesse CEO

Law360, New York (March 22, 2012, 8:55 PM EDT) -- Prosecutors on Thursday opened a criminal trial against former Vitesse Semiconductor Corp. CEO Louis Tomasetta, arguing that the onetime executive lied about accounting revenues, backdated options and then doctored documents to hide the evidence.

Tomasetta, who went on trial in New York alongside former Vitesse Chief Financial Officer Eugene Hovanec, allegedly structured a secret deal with a distributor that let the company book sales on shipped product, even though much of that product was ultimately returned.

“The fraud involved the defendants saying one thing about Vitesse's...
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