Former CFO Gets 18 Months For Internet Ad Fraud

Law360, New York (December 9, 2005, 12:00 AM EST) -- A year after pleading guilty to conspiracy charges, the former chief financial officer of defunct Internet advertising company L90 Inc. was sentenced to 18 months in prison and nine months of home confinement.

The conspiracy charges stem from Thomas A. Sebastian's alleged involvement in a scheme to account for barter transactions as revenue. The scheme ultimately overstated the company’s revenue by $4.3 million or 9.2% during the heyday of the dot-com boom.

The Securities and Exchange Commission sued Sebastian in September 2003 in the U.S. District...
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