Convicted Ex-Vitesse Execs Strike $3M Settlement With SEC

Law360, New York (September 27, 2013, 6:44 PM EDT) -- Two former Vitesse Semiconductor Corp. executives who pled guilty in August to tampering with company records to thwart a fraud investigation have reached civil settlements with the U.S. Securities and Exchange Commission totaling $3 million, the agency said Friday.

Former Vitesse CEO Louis Tomasetta and former chief financial officer Eugene Hovanec struck the deals after pleading guilty Aug. 15 to charges of altering computer records to in an attempt to obstruct an expected SEC investigation into alleged stock options backdating and accounting fraud. The defendants did...
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