Ex-PurchasePro CEO Slapped With $3M Fine

Law360, New York (September 16, 2009, 3:51 PM EDT) -- 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.

Judge Gladys Kessler of the U.S. District Court for the District of Columbia imposed the fine against former PurchasePro CEO Charles E. Johnson on Friday after he failed to respond to the SEC's calls for summary judgment.

Johnson was sentenced in November 2008 to nine years in...
To view the full article, register now.