Business Guilty pleas by Vitesse former execs.

Business Guilty pleas by Vitesse former execs.

2013/08/20

Louis Tomasetta, founder and former CEO of GaAs IC specialist Vitesse Semiconductor, has pleaded guilty to conspiring to commit securities fraud.

Former Vitesse CFO, Eugene Hovanec, has also pleaded guilty to the same charges.

The case relates to the back-dating of stock options going back to 2005.

Two legal cases have resulted in deadlocked juries which have led to the substitution of the lesser charge of conspiring to commit securities fraud.

Previous charges had been falsifying records relating to stock option grants, making false statements to auditors and to obstructing a federal investigation.

The two men will be sentenced on November 4th and prosecutors will recommend probation as part of the plea deal.

In 2010, Vitesse paid $3 million to settle the case with the SEC.

In 2007, Vitesse and insurers for Tomasetta and Hovanec agreed to pay $10.2 million to settle shareholder lawsuits over options backdating and accounting malpractices.

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