Feds Accuse Impath Big-Wig Of $260M Fraud Scheme

Law360, New York (January 31, 2006, 12:00 AM EST) -- In the kick-off to his criminal trial, federal prosecutors have accused the former president of Impath Inc. of engineering a massive accounting fraud scheme that cost shareholders $260 million and drove the medical diagnostic company straight into bankruptcy.

Richard Adelson overstated Impath’s revenues by $60 million in a plot that led directly to the company’s financial ruin, alleged Assistant U.S. Attorney Raymond Lohier in opening statements.

"Along with his co-conspirators, this man lied to the public and lied to the people who invested their money in...
To view the full article, register now.