Internet Explorer 6 is currently not supported. Please consider upgrading your browser to Internet Explorer 7. It's free.
Internet Explorer 7 Download

VTSS Investor Forum

U.S. vs. Tomasetta and Hovanec

+1
2 Votes
-1
Vote history graph

http://www.stopfraud.gov/news/news-12102010-2.html
http://agourahills.patch.com/articles/agoura-resident-pleads-guilty-in-corporate-fraud-conspiracy

Some good articles about two of the most low-life lying scumbags to ever defraud investors. I'd be willing to see Kaplan and Mody get a slap on the wrist in return for their testimony and resulting guilty verdict against Tomasetta and Hovanec. I hope those two lose everything and GO TO PRISON for a long time. Let's use this thread to keep the board updated on progress in this case (along with any other good related articles people might find).

Posted by sharpinvestments - 13 years ago

Replies
11

+1
0 Votes
-1

Good post Sharp....glad to see most of the old bagholders have found this site. 15 yrs. in prison seems about fair for the damage they have cause alot of innocent shareholders and their families.

Posted by OKSPSNOW - 13 years ago

+1
0 Votes
-1

thanks for these articles Sharp. I guess I have always known that companies stuffed the channel at the end of a quarter, but the numbers here are staggering, 108% of the revenue for the quarter.

Unbelievable. I am thinking we are going to see the Sergeant Schultz defense (of Hogans Heros fame) "I know nothink!!."

Posted by dlog - 13 years ago

+1
0 Votes
-1

But will I get my money back? They deserve to do jail time, but the real point of this group is to suggest ways we can make up the cash that these crooks took from us! For example, the poster "Thor" suggested AVNR last year, and argued why it was a good stock to buy. After due diligence, I invested in the company and have doubled my money in it during the past year! Doesn't come close to the amount I lost in VTSS so far, but at least it is a positive that directly comes from the efforts of the founders of our old board and this successor to it. In other words, good riddance to the stench of these two slimeballs, but let's look to the future and make some money! Phil

Posted by pgpbro - 13 years ago | Updated 13 years ago

+1
0 Votes
-1

Here's what Light Reading had to say about Tomasetta:

http://www.lightreading.com/blog.asp?blog_sectionid=388&doc_id=202023&

pgpbro - I wish VTSS had the same P/S as AVNR, we'd be trading at $600 instead of $4.

Posted by thereinman - 13 years ago

+1
0 Votes
-1

It is both stupid and pointless for me to write long posts on things that happened years ago.

Merry Christmas!

pgbpro,

You may wish to look at MSPD. down to $5.60 a share P/S at 1.

Posted by altrfan - 13 years ago | Updated 13 years ago

+1
0 Votes
-1

I listened to MSPD’s Merriman presentation a couple of days ago and decided to get back in. They should bounce back nicely after this pause in their enterprise sales growth. I like the accolades for their new 4G/LTE products and that they have 65% of their headcount in R&D (VTSS has about 47%) and that their new chips are using 40nm (VTSS is still at 65nm I believe) and that they’re addressing a market that will grow to $3B in 4 years (VTSS said their new products are aimed at a market size of less than $1B in 5 years). They seem to be on a roll.

Posted by thereinman - 13 years ago

+1
0 Votes
-1

Fee Fi Fo Fum

Vitesse shareholders sure are dumb.

Happy New Year!

Posted by altrfan - 13 years ago | Updated 13 years ago

+1
0 Votes
-1

Here is the full SEC complaint. It makes for a great read if you really want to see how sleazy and devious this crew really was.
http://www.sec.gov/litigation/complaints/2010/comp21769.pdf

Posted by sharpinvestments - 13 years ago

+1
0 Votes
-1

Thanks Sharp, though for some reason the PDF won't open for me. Question: Did these guys (and gal) set up a separate location and tracking system for these products from the customer so it wouldn't/couldn't be identified by anyone working at Vitesse who might question what was going on?

If so, then I understand why it was never noticed by anyone and how it contiued for so long.....and my above post would have no merit, much like most of my other posts.....

Posted by altrfan - 13 years ago

+1
0 Votes
-1

altrfan:

Thanks for your post. It reminded me of an experience I had years ago. I had a friend who was an accountant in a company which was acquired by WorldCom back when WorldCom was king. The firm she worked for was comparatively very small. She was very capable but in the scheme of things very low level. Within one month of the acquisition she knew that WorldCom's accounting was fraudulent and that the numbers they were reporting to Wall Street were bogus. It took her about 15 minutes of looking at the internal accounting reports they sent her after the acquisition.

These frauds are not carried out without some internal complicity. (Unless you are Bernie Madoff and then you can do it all by yourself with no one else having any idea that anything untoward is going on.)

Posted by dlog - 13 years ago | Updated 13 years ago

+1
0 Votes
-1

Just breezed throught SEC complaint, thanks for the link Sharp. Nothing new here at all, just good old fashion. plain vanilla fraud. It wasn't even creative.

Posted by dlog - 13 years ago

Leave your Reply

Login or Create an Account to post reply.