Telefunken Claims Ex-CEO Made Off With $20M

Law360, Wilmington (May 25, 2012, 8:05 PM EDT) -- Telefunken Semiconductors International LLC and its American subsidiary launched a suit in Delaware court Friday accusing their former CEO of fraudulently transferring more than $20 million from the two firms to an unrelated company for his own benefit.

Filed in Delaware Chancery Court, the complaint alleges that Subbarao “Subba” Pinamaneni siphoned funds from Telefunken International and Telefunken Semiconductors America LLC into a separate company in which he held an indirect 60 percent ownership stake.

“Subba’s willful misconduct includes, inter alia, the wholesale theft of more than...
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