Third Peregrine exec guilty of fraud

Link: Peregrine defends $1bn Andersen action

Steven S. Spitzer, 44, entered the plea in San Diego yesterday and agreed to help investigators ? he faces the possibility of a five year prison sentence, according to reports.

Spitzer apologised for his actions through his attorneys and said he had made ‘some very poor decisions’.

Between December 1999 and March 2001 Spitzer generated $20m in phantom sales.

In April this year, former CFO, Matthew C. Gless, pled guilty to conspiracy to commit securities fraud and faces a prison term of up to 15 years, while last year a former Peregrine treasurer pled guilty to banking fraud.

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