BusinessCorporate FinanceTwo former AOL executives indicted

Two former AOL executives indicted

Two former executives of America Online have been indicted on conspiracy and fraud charges in a US court after allegedly lying to auditors investigating their relationship with PurcahsePro.com, and forging and back-dating contracts.

Link: Time Warner facing $750m fine

Four former executives of the former business partner were also indicted as a result of an alleged scheme between the two companies that was designed to inflate advertising revenues just as the dotcom market was beginning to collapse.

The indictment also alleges that some executives of PurchasePro.com benefitted personally from the scheme by collecting millions in bonuses and stock options.

According to The Washington Post, prior to yesterday’s indictment, six former executives of PurchasePro.com had already pleaded guilty to charges resulting from the investigation. Two have been sentenced to prison.

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