In
one of the largest securities fraud cases in Silicon
Valley history, the former chief executive of a
Fremont technology company has pleaded guilty to
bilking investors out of millions of dollars, the
U.S. attorney's office said yesterday.
Paul
Jain of Berkeley admits that he and other executives
at Media Vision Technology defrauded investors by
creating bogus inventory and hiding millions of dollars
in product returns.
Media
Vision, a maker of multimedia products, went belly-up
in 1994 after allegedly falsifying records to inflate
its financial performance. The case illustrates the
darker side of Silicon Valley, where cases of fraud
and stock manipulation largely have been overlooked
by the media and law enforcement. |
