Monday, May 07, 2007

SEC: WFI Insider Stole $7.7M

The Securities and Exchange Commission (SEC) has filed charges against a stock options manager at Wireless Facilities Inc. for using software and online services to steal $7.7 million in stock from his company.

Vencent Donlan, 44, was charged with using the company's Equity Edge stock plan management and reporting application and E*Trade to route more than 700,000 shares of his company's stock into an account held by his wife, Robin Colls Donlan. He also is accused of falsifying entries in Equity Edge to cover his tracks.

WFI, ironically, is an outsourcing provider in the wireless industry that provides (among other offerings) "security systems and engineering services."

Click here for the full story.

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