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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.