Defendant Name: Vitesse Semiconductor Corporation

Defendant Type: Public Company

Document Reference: LR-21769

Document Details

Legal Case Name SEC v. Vitesse Semiconductor Corporation, Louis R. Tomasetta, Eugene F. Hovanec, Yatin D. Mody, and Nicole R. Kaplan
Document Name SEC Charges Vitesse Semiconductor Corporation and Four Former Vitesse Executives in Revenue Recognition and Options Backdating Schemes
Document Date 10-Dec-2010
Document Format Civil Proceeding
Case Number 10-cv-09239
Federal District Court New York, Southern District of New York
AAER 3217
Allegation Type Issuer Reporting and Disclosure
Document Summary 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."

Disgorgement & Penalty Information

Cooperation Before the Resolution

Related Documents:

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.

Related Actions:

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