40 laid off at software company as execs arrested

October 9th, 2008 in Technology / Business

(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 .

---

"40 laid off at software company as execs arrested." October 9th, 2008. http://www.physorg.com/news142748897.html