Ex-Gateway CEO Out Of Hot Water For Fraud Charges

Law360, New York (June 1, 2006, 12:00 AM EDT) -- In a rare defeat for federal regulators, a federal judge has tossed civil fraud charges against computer giant Gateway Inc.’s former chief executive officer.

The ruling, handed down on May 23 but made public this week, held that the U.S. Securities and Exchange Commission did not have sufficient evidence to prove that former CEO Jeffrey Weitzen made material misstatements in a regulatory filing and subsequent press release for third-quarter 2000 earnings.

The case was originally brought in the U.S. District Court for the Southern District of...
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