Engine Co.'s Ex-CEO Says He Was Outside Iffy Revenue Deals
Law360 (June 15, 2021, 9:35 PM EDT) -- The former chief executive for an Illinois-based alternative-energy engine maker testified Tuesday that he came off tough because of his drive to grow the company, and that he wasn't privy to any questionable agreements that helped increase its revenue recognition.
In an ongoing bench trial on securities fraud and wire fraud charges, former Power Solutions International CEO Gary Winemaster testified on direct examination that although his company sometimes delivered engines to customers earlier than initially agreed, he didn't know about several of the special conditions customers entered in order to accept those earlier shipments.
And although several witnesses have testified that...
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