40 laid off at software company as execs arrested

October 9th, 2008 By GENE JOHNSON , Associated Press Writer

(AP) -- Two former software executives grossly overstated their company's revenue to attract more than $50 million in private investment, prosecutors said Wednesday, adding that the fraud was uncovered late last month when a worker found a set of cooked financial books as she was cleaning out a desk.

Content from The Associated Press expires 15 days after original publication date. For more information about The Associated Press, please visit www.ap.org .

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