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Former Vitesse Officials Get Fines, Probation




In what finally puts to bed the long saga of the fall and rebirth of Camarillo-based Vitesse, two of the company's former officers--former CEO Louis Tomasetta and former CFO Eugene Hovanec--have received probation and fines of $30,000 each for their role in a stock options backdating scandal. The ruling, in the U.S. District Court for the Southern District of New York, comes over seven years after the two were suspended from Vitesse, a lengthy investigation by the SEC, and a wholesale industry-wide scandal over stock option practices, which swallowed up dozens of companies.


 

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