Thursday, October 7, 2004
Ex Peregrine Systems Execs Indited
Eight former executives, a former auditor, and two outside business partners of San Diego-based Peregrine Systems were indicted yesterday by a federal grand jury of conspiracy to commit a multi-billion dollar securities fraud. In an announcement, the Department of Justice said that the indictment alleges that from 1997 to 2002, Peregrine's executives were in a conspiracy to show quarter to quarter growth to defraud investors. Named were former CEO Stephen Parker Gardner as well as a number of former VPs. The grand jury also named former KPMG Managing Director Larry Alan Rodda, and former Arthur Andersen LLP audit partner Daniel Francis Stulac as part of the indictment. The Department of Justice said that the investigation is continuing, and that the SEC is pursuing a separate civil enforcement action.