Judge Clears Ex-Engine Co. Execs In Accounting Fraud Trial

By Celeste Bott (September 20, 2021, 7:54 PM EDT) -- An Illinois federal judge on Monday found the former CEO and two other former high-ranking employees of an alternative energy engine maker not guilty on all charges alleging they fraudulently inflated the company's revenues through a scheme that caused company books to reflect money it hadn't yet collected.

Following a four-week, in-person bench trial in Chicago, U.S. District Judge Robert Gettleman ruled from the bench Monday morning and found former Power Solutions International CEO Gary Winemaster, former general manager James Needham and ex-sales executive Craig Davis not guilty of securities fraud and wire fraud. Winemaster was also found not guilty on...

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