Corporate
Oct. 18, 2011
Ex Pegasus CFO sentenced to prison
The former chief financial officer of Pegasus Wireless Corp., a technology company formerly based in Fremont, was sentenced Thursday to 33 months in prison for committing securities fraud.
By Jill Redhage
Daily Journal Staff Writer
The former chief financial officer of Pegasus Wireless Corp., a technology company formerly based in Fremont, was sentenced Thursday to 33 months in prison for committing securities fraud.
Stephen Durland pleaded guilty in March to fabricating fake debt for the company between 2005 and 2008, which caused Pegasus to issue and sell 490 million shares of company stock to pay that debt. Durland then funneled that money - $25 mil...
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