Advertisement
YOU ARE HERE: LAT HomeCollections

CALIFORNIA | SECURITIES | THE STATE

3 Former Cal Micro Execs Charged With Fraud

September 18, 1997|(Associated Press)

Three former top executives of Milpitas-based California Micro Devices Corp. were charged with securities fraud for allegedly inflating revenue statements to boost the company's stock prices. A federal grand jury indicted Cal Micro's former chairman and chief executive, Chan Desaigoudar, 59; former president, Surendra Gupta, 55; and former vice president, treasurer and chief financial officer, Steven J. Henke, 50, on stock-manipulation charges. Desaigoudar and Henke were also accused of insider trading. Cal Micro makes electronic components for silicon chips. Its stock price hit a peak of $23.12 in June 1994 but plunged to $3.87 the following January, after an accounting firm reported that revenue had been overstated, said U.S. Atty. Michael Yamaguchi. The company is operating under new management. Cal Micro's former chief accounting officer, Ronald Romito, pleaded guilty to insider trading in December 1995 and is awaiting sentencing.

Advertisement
Los Angeles Times Articles
|
|
|