Ex-Pegasus CFO Gets 33 Months For Stock Fraud

Law360, New York (October 14, 2011, 2:11 PM EDT) -- The former chief financial officer of defunct networking technology company Pegasus Wireless Corp. on Thursday received a 33-month prison sentence in California for illegally selling millions of shares of Pegasus stock he secretly controlled and hiding the sales in regulatory filings.

The sentence U.S. District Judge Jeffrey S. White handed down to Stephen Durland was slightly higher than the 27 months recommended by U.S. Attorney Melinda Haag, but it was significantly shorter than the 51 to 63 months provided for under federal sentencing guidelines.

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