Tag Archives: U.S. Attorney’s Office

SEC Charges Engine Manufacturing Company Execs with Fraud

According to the complaint, filed in federal court in Chicago, Gary Winemaster, Power Solutions International Inc.’s former CEO, and two former senior sales executives, Craig Davis and James Needham, caused Power Solutions to fraudulently record revenue for purported sales of products that were not complete, that the customer had not agreed to accept, for which the price was falsely inflated, and from improper “bill and hold” arrangements. Continue reading

Posted in financial results, fools 'n frauds, litigation | Tagged , , , , , , , | Leave a comment