| |
Fraud in IBM deal detected
Washington, Jan 20: Six people have been charged with perjury or securities fraud as part of a federal probe over illegal trading involving two American companies, including computer giants IBM. Among the six, Robert Theodore Szawaluk and Demetrios James Pertesis were charged in October in connection with International Business Corporation (IBM)'s acquisition of lotus development corporation for 3.5 billion dollars in 1995, the Wall Street Journal reported on Sunday.Two others have been charged with securities fraud for trading on confidential information in connection with the deal. One of them pleaded guilty on Thursday. Pertesis has also pleaded guilty, to one count of perjury, and is scheduled to be sentenced in NewYork federal court. in March. He is the fourth to plead guilty in the lotus investigation case. Pertesis reportedly bought $3,750 worth of put and call -- options to sell or buy a certain number of share.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
|
 |
