Feds Accuse Impath Big-Wig Of $260M Fraud Scheme

Law360 (January 31, 2006, 12:00 AM EST) -- In the kick-off to his criminal trial, federal prosecutors have accused the former president of Impath Inc. of engineering a massive accounting fraud scheme that cost shareholders $260 million and drove the medical diagnostic company straight into bankruptcy.

Richard Adelson overstated Impath’s revenues by $60 million in a plot that led directly to the company’s financial ruin, alleged Assistant U.S. Attorney Raymond Lohier in opening statements.

"Along with his co-conspirators, this man lied to the public and lied to the people who invested their money in Impath," Lohier said in U.S. District Court in Manhattan on Monday.

In March 2005, Adelson,...

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