Another Day, Another Boss Facing Securities Fraud
January 9, 2007 09:02

The former CEO of Aspen Technology has appeared in court to face securities fraud charges. Prosecutors claim that David McQuillin, 48, of Sudbury was seeking to impress the board of Aspen as he tried to get the top job at the company. They claim he fraudulently inflated the company's software revenues between January 2001 and September 2002 in a bid to make himself look good.

McQuillin and unidentified co-conspirators cooked the books by entering side agreements with a customer to control when certain beans would be counted. McQuillin is also said to have backdated software sales agreements into earlier financial quarters and provided false information to its auditors.

McQuillin was charged with one count of conspiracy to commit securities fraud and one count of securities fraud.

If convicted, he could face up to 25 years in prison and more than $5 million in fines. (http://www.theinquirer.net/default.aspx?article=36808)

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