Gemstar case.Former chief executive of Gemstar-TV Guide International Gemstar-TV Guide International, Inc. is a media company that licenses interactive program guide technology to multichannel operators, such as cable and satellite television providers, and consumer electronics manufacturers, video recorder scheduling code under brands such as VCR Inc. Henry C. Yuen Henry Che-Chuen Yuen (Chinese: 袁子春; born 7 April, 1948, in Shanghai, China) is a founder and former CEO of Gemstar-TV Guide International. He has a PhD in applied mathematics from Caltech. was found liable for securities fraud, according to a federal ruling in U.S. District Court in Los Angeles. The embattled CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. was accused by the Securities and Exchange Commission, along with Gemstar's former Chief Financial Officer Elsie Leung, in a 2003 civil action of scheming to inflate the company's revenues by $248 million in order to boost its stock price. In addition to securities fraud, U.S. District Judge Mariana Pfaelzer found Yuen liable for falsifying financial documents and misrepresenting facts to auditors. Mike Piazza, the SEC lawyer who argued the case, told Bloomberg News that the agency will seek disgorgement Disgorgement A repayment of ill-gotten gains that is imposed on wrongdoers by the courts. Funds that were received through illegal or unethical business transactions are disgorged, or paid back, with interest to those affected by the action. of Yuen's ill-gotten gains, as well as penalties. |
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