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Case overview
1:05-cv-00036
District Of Columbia
Securities/Commodities
Gladys Kessler
The founder of defunct PurchasePro.com Inc. has been ordered to pay $3 million in a long-running U.S. Securities and Exchange Commission case that alleged he conspired with other executives to fraudulently inflate the revenues of the Internet software company.
A federal judge has ordered a former executive of defunct Internet software company PurchasePro.com Inc. to pay $35,000 for his role in an alleged corporate fraud, calling a bid by federal regulators for the maximum fine “poor prosecutorial judgment” and “just plain foolish.”
The U.S. Securities and Exchange Commission has dropped its case against former America Online Inc. executive John Tuli alleging that he conspired with other executives to inflate the revenues of PurchasePro.com Inc.
A federal judge has upheld a jury's verdict holding the former senior vice president for marketing and network development at PurchasePro.com Inc. liable for aiding and abetting the now-defunct Internet software company's violations of securities laws.
A judge has rebuffed attempts by four former executives to dismiss suits brought against them by the U.S. Securities and Exchange Commission alleging they schemed to inflate the revenues of PurchasePro.com Inc.