IBM VPs Ran 5-Year, $12M Ponzi Scheme: Suit

Law360, New York (June 18, 2010, 2:55 PM EDT) -- IBM Corp. has been hit with allegations that four of its vice presidents perpetrated a five-year-long Ponzi scheme involving two information technology development projects that drew in $12 million in outside capital but were ultimately canceled.

Devon IT Inc. agreed to fund the projects based on the vice presidents' deceptive representations and revenue projections, according to the company's complaint, filed Wednesday in the U.S. District Court for the Eastern District of Pennsylvania.

Thomas M. S. Bradicich, Bernard S. Meyerson, James A. Gargan and Rodney C. Adkins...
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