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"Revenge is a dish..."

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"The two men, who deny wrongdoing, face as much as 20 years in prison if convicted of the most serious charges against them. "

http://www.bloomberg.com/news/2012-04-17/former-vitesse-executives-inflated-sales-prosecutor-tells-jury.html

Posted by phobos - 13 years ago

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Sounds like they may go to jail. Maybe that's the message that should be sent to executives that intentionally defraud investors. You could argue that Vitesse was a ponzi scheme to a degree.

Posted by Mark - 13 years ago

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Thanks for posting this phobos. Any indication when a decision will be made. Sounds like it should be out any day .

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

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It was definitely a Ponzi scheme Mark. Lou was a guy who could make exotic materials into semiconductors, but knew nothing of the market or of finance. The reason he stayed as long as he did was pure hubris. He should have retired long ago. I'm not sure when the decision will be announced dlog, but it should be any day. I am a lot more comfortable with the present management team, especially with Nuss as CTO (Gardner, I dunno). This had better be a stellar earnings call because with all the problems in Europe people will be fleeing to cash and quality.

Posted by phobos - 13 years ago

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I know each case should be judged on its own merits, but after watching "Sixty Minutes" segment last Sunday on the collapse of Lehman Brothers and the chief investigator's report on the scale of the wrongdoing all the way up to the CEO and to this day NO Criminal charges filed it makes you wonder!

I guess it's easier to go after the small fish and claim a victory for the people.

Posted by Techinvestor - 13 years ago

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What really pissed me off when I read the article was the phrase "...who deny wrongdoing,..." OMG! Really? I know that they must mount a proactive defense, but really? Who are they fooling besides the jury?

Posted by phobos - 13 years ago

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Just been announced - it's a mistrial. They got away with it! Amazing.

Posted by Colin - 13 years ago

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Colin, maybe you're old buddy, the the "pump and dump specialist" from Santa Barbara was on the jury. Wasn't he also the one who tried to turn the old VTSS message board into the BCON board? In case you haven't noticed, BCON is now a penny a share. I never bought a share of either based on his pumping, but I wonder if he's losing weight over all the people who did. I'll bet 'Ol Gran Puba or whatever his name was, rues the day he ever listened to all of that b.s. (but maybe if he was smart, he was in on the whole pump and dump scheme).

Phobos, haven't seen you around here in a couple of years. Hope you bought low and sell high.

Posted by sharpinvestments - 13 years ago

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Unbelievable.

http://www.reuters.com/article/2012/04/24/vitesse-fraud-mistrial-idUSL2E8FOHKR20120424?feedType=RSS&feedName=marketsNews&rpc=43

I have often thought things like this should ring through the industry and education. There is no penalty in the US for defalcation. Have at it. If you do get caught and then convicted, a very low possibility, the penalty will be very slight. Andy Fastow, of Enron fame, is already out of prison and undoubtedly enjoying some of his offshore money. Kerry Killinger, the infamous CEO of Washington Mutual took $160 million+ our of the company before it was taken over by the feds with the stock worth exactly 0. No charges ever filed. he is living well. it goes on and on.

Gardner take notice. Give us 4 quarters of strong revenue, even if it is only accounting entries, get the stock up and allow us long term and underwater stock holders including yourself a chance to get out. You will be a hero with nothing to worry about.

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

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AMAZING . . . NOT AT ALL. I was frankly expecting it. Only morons would buy this thing at this point, or continue to believe in CRG and VTSS's products; I stopped listening a long time ago. This POS gets taken private or blips off of the radar screen real soon.

Posted by G - 13 years ago

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IRONIC- Underlings Mody and Kaplan plead GUILTY to securities fraud and other charges in exchange for their testimony against defendants! So they admitted there was some hanky-panky that went on!

VTSS hit $ 2.97/sh this AM- when does the horror end!

Posted by Techinvestor - 13 years ago

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Hi Sharp, I don't think I'd describe it as a pump and dump though it was undoubtedly based on nonfactual data and a good bit of blind faith.
As to BCON, I never fell for that one, though unfortunately I know several who did.
There are a number of old names appearing recently which is good to see. I too am intrigued to know what ever became of Grandpuba?
I lost so much on this thing that it has reached the point of just sitting it out on the very long shot that it may one day recover to some degree. I am not saying it's likely but then I also bought tickets for that recent $600 million Powerball!
Good luck to all, Colin

Posted by Colin - 13 years ago

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Hey dlog, I had to go look up that word "defalcation". At first I thought you'd just misplaced an L in there. Merriam Webster gives three definitions:

1 archaic : deduction
2: the act or an instance of embezzling
3: a failure to meet a promise or an expectation

Numbers 2 & 3 both may be applied to your context but I'm leaning toward #2? Then again it could still be my first thought? I do agree strongly with your advice to CRG though.

Posted by Colin - 13 years ago

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Never tell a small lie, or commit a small crime. Never.

Posted by phobos - 13 years ago

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