Former CEO of Telecom Pleads Guilty in Fraud Case
By Danielle Briones
Published on August 04, 2005
Prosecutors say David Glen Sherman falsified financial results at the defunct telecommunications equipment manufacturing company over a six-year period, defrauding regulators and investors.
The suit alleges that Sherman ordered employees to doctor sales orders and book revenue on products that were not completed or from a different quarter.
Three other Vari-L executives also face charges related to the scheme. Joseph Harold Kiser was indicted by a grand jury and Jon Clark and Sara Hume pleaded guilty.
Sherman awaits sentencing, which is scheduled for Nov. 4.
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