Former CEO Could Face 25 Years for Securities Fraud
By Katie Hauser
Published on January 11, 2007
According to reports from several media sources, McQuillin, 48, of Massachusetts, is accused of falsifying the books for Aspen Technology, Inc. From January 2001 to September 2002, McQuillin and other officers of the company allegedly recorded revenue for the licensing of software before sales were actually made. Aspen Technology specializes in the development of computer software for oil refineries and other industrial businesses.
If he is convicted of these charges, McQuillin may face fines of over $5 million and up to 25 years in prison. McQuillin surrendered to U.S. law enforcement agents and is cooperating with the investigation.
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