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Vitesse Founder, Exec Indicted On Fraud Charges

Mon, 12/13/2010 - 3:51am

NEW YORK (AP) — The founder of Vitesse Semiconductor Corp. and a former executive vice president of the company have been indicted on securities fraud charges.

Authorities said Friday that Vitesse founder Louis Tomasetta (Tahm-ah-SEHT-uh) and Eugene Hovanec (HOH-vah-nehk) were charged in federal court in Manhattan with making false filings to federal regulators and conspiring to manipulate the public company's financial statements.

Authorities say the company's former chief financial officer and director of accounting have already pleaded guilty to charges in cooperation deals.

Tomasetta and Hovanec both pleaded not guilty at initial court appearances and were each released on $1 million bond.

Messages left with lawyers were not immediately returned.

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