Defendant Name: Vitesse Semiconductor Corporation

Defendant Type: Public Company
SIC Code: 3670
CUSIP: 92849710

Initial Case Details

Legal Case Name SEC v. Vitesse Semiconductor Corporation, Louis R. Tomasetta, Eugene F. Hovanec, yatin D. Mody, and Nicole R. Kaplan
First Document Date 10-Dec-2010
Initial Filing Format Civil Proceeding
Case Number 10-cv-09239
Allegation Type Issuer Reporting and Disclosure
Federal District Court New York, Southern District of New York

Violations Alleged

Exchange Act
• Sec 10(b) + Rule 10b-5
• Rule 12b-20
• Sec 13(a)
• Rule 13a-1
• Rule 13a-13
• Sec 13(b)(2)(A)
• Sec 13(b)(2)(B)
• Sec 14(a)
• Rule 14a-9
Securities Act
• Sec 17(a)(1)
• Sec 17(a)(2)
• Sec 17(a)(3)
• Sec 17(a) (Not specified)
Additionally, Eugene F. Hovanec is alleged to have aided and abetted Vitesse Semiconductor Corporation's violation of Rule 12b-20 of the Exchange Act.
Yatin D. Mody is alleged to have aided and abetted Vitesse Semiconductor Corporation's violation of Rule 12b-20 of the Exchange Act.
Nicole R. Kaplan is alleged to have aided and abetted Vitesse Semiconductor Corporation's violation of Rule 12b-20 of the Exchange Act.
Louis R. Tomasetta is alleged to have aided and abetted Vitesse Semiconductor Corporation's violation of Rule 12b-20 of the Exchange Act.
Eugene F. Hovanec is alleged to have aided and abetted Vitesse Semiconductor Corporation's violation of Sec 13(a) of the Exchange Act.
Yatin D. Mody is alleged to have aided and abetted Vitesse Semiconductor Corporation's violation of Sec 13(a) of the Exchange Act.
Nicole R. Kaplan is alleged to have aided and abetted Vitesse Semiconductor Corporation's violation of Sec 13(a) of the Exchange Act.
Louis R. Tomasetta is alleged to have aided and abetted Vitesse Semiconductor Corporation's violation of Sec 13(a) of the Exchange Act.
Eugene F. Hovanec is alleged to have aided and abetted Vitesse Semiconductor Corporation's violation of Rule 13a-1 of the Exchange Act.
Yatin D. Mody is alleged to have aided and abetted Vitesse Semiconductor Corporation's violation of Rule 13a-1 of the Exchange Act.
Nicole R. Kaplan is alleged to have aided and abetted Vitesse Semiconductor Corporation's violation of Rule 13a-1 of the Exchange Act.
Louis R. Tomasetta is alleged to have aided and abetted Vitesse Semiconductor Corporation's violation of Rule 13a-1 of the Exchange Act.
Eugene F. Hovanec is alleged to have aided and abetted Vitesse Semiconductor Corporation's violation of Rule 13a-13 of the Exchange Act.
Yatin D. Mody is alleged to have aided and abetted Vitesse Semiconductor Corporation's violation of Rule 13a-13 of the Exchange Act.
Nicole R. Kaplan is alleged to have aided and abetted Vitesse Semiconductor Corporation's violation of Rule 13a-13 of the Exchange Act.
Louis R. Tomasetta is alleged to have aided and abetted Vitesse Semiconductor Corporation's violation of Rule 13a-13 of the Exchange Act.
Eugene F. Hovanec is alleged to have aided and abetted Vitesse Semiconductor Corporation's violation of Sec 13(b)(2)(A) of the Exchange Act.
Yatin D. Mody is alleged to have aided and abetted Vitesse Semiconductor Corporation's violation of Sec 13(b)(2)(A) of the Exchange Act.
Nicole R. Kaplan is alleged to have aided and abetted Vitesse Semiconductor Corporation's violation of Sec 13(b)(2)(A) of the Exchange Act.
Louis R. Tomasetta is alleged to have aided and abetted Vitesse Semiconductor Corporation's violation of Sec 13(b)(2)(A) of the Exchange Act.
Eugene F. Hovanec is alleged to have aided and abetted Vitesse Semiconductor Corporation's violation of Sec 13(b)(2)(B) of the Exchange Act.
Yatin D. Mody is alleged to have aided and abetted Vitesse Semiconductor Corporation's violation of Sec 13(b)(2)(B) of the Exchange Act.
Nicole R. Kaplan is alleged to have aided and abetted Vitesse Semiconductor Corporation's violation of Sec 13(b)(2)(B) of the Exchange Act.
Louis R. Tomasetta is alleged to have aided and abetted Vitesse Semiconductor Corporation's violation of Sec 13(b)(2)(B) of the Exchange Act.

Resolutions

First Resolution Date 10-Dec-2010
Headline Total Penalty and Disgorgement $6,267,545

Related Documents:

LR-21769 10-Dec-2010 Litigation Release
SEC Charges Vitesse Semiconductor Corporation and Four Former Vitesse Executives in Revenue Recognition and Options Backdating Schemes
On December 10, 2010, the SEC issued a litigation release announcing that it filed a civil fraud charges against Vitesse Semiconductor Corporation and four former senior executives of the company. According to the SEC: "Vitesse, through the former senior executives, perpetrated fraudulent and deceptive schemes during 1995 to April 2006 to inflate revenue from shipment of Vitesse's products and to backdate stock options to employees and officers by failing to record millions of dollars of compensation expense.... Vitesse has settled the matter by agreeing to be permanently enjoined and to pay a $3 million civil penalty."
comp21769 10-Dec-2010 Complaint
Complaint and Jury Demand
On December 10, 2010, the SEC filed a complaint and jury demand against Vitesse Semiconductor Corporation, Louis R. Tomasetta, Eugene F. Hovanec, Yatin D. Mody, and Nicole R. Kaplan. According to the SEC: "During the period in or about 1995 through April 2006, defendant Vitesse Semiconductor Corporation ('Vitesse' or the 'Company') engaged in fraudulent revenue recognition practices and stock options backdating misconduct. This fraud was orchestrated by certain of Vitesse's most senior former executives."
court_doc60_10-cv-09239 22-Mar-2011 Court Docket Document
Final Judgment as to Defendant Vitesse Semiconductor Corporation
On March 21, 2011, Federal District Judge Jed S. Rakoff entered final judgment against Vitesse Semiconductor Corporation pursuant to the consent of Vitesse Semiconductor Corporation.

Other Defendants in Action:

Eugene F. Hovanec
Louis R. Tomasetta
Yatin D. Mody
Nicole R. Kaplan

Related Actions:

In the Matter of Nicole Rae Kaplan, CPA
Nicole R. Kaplan
In the Matter of Yatin Dilip Mody, CPA
Yatin D. Mody
In the Matter of Eugene F. Hovanec, CPA
Eugene F. Hovanec