Chicago (AP) — A federal judge acquitted a former CEO of a manufacturing company outside Chicago for acquitting him for inflating his earnings report by $ 24 million.
Judge Robert Gettleman of the US District Court cleared all Gary Winemaster counts on Monday after a four-week bench trial. Chicago Sun Times report.
Winemaster, former CEO of Wooddale-based Power Solutions International Inc., was charged with 10 wire frauds and securities frauds in 2019, making false statements and failing to prove financial reporting. ..
He was accused of adjusting a complex accounting “billing and holding” scheme in which incomplete sales are recorded as complete. The company’s accountants are allegedly unaware of the false transaction.
Winemaster’s lawyer claimed he was unaware of the alleged improper transaction and pointed out the lack of evidence and witnesses to prove otherwise.
Winemaster’s two co-defendants, former company general managers Craig Davis and James Needham, also turned out not to be guilty of all.
“Today’s decision is important evidence for clients who acted in good faith in the best interests of PSI shareholders,” said Sean Berkowitz, Chief Counsel for Winemaster.
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Former CEO of a Chicago suburb company acquitted in federal proceedings | Illinois News
Source link Former CEO of a Chicago suburb company acquitted in federal proceedings | Illinois News
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