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Corporations and securities brief ~ SEC charges former i2 executives with fraud

[JURIST] Leading Tuesday's corporations and securities law news, the SEC has filed civil fraud charges against former executives of i2 Technologies [corporate website], a Texas company that produces supply chain management software. In a press release, the SEC announced that it has filed suit [complaint, PDF] against three former i2 executives for illegally reporting revenue for software that was not yet functional. The suit seeks the $120 million the SEC says the executives made in ill-gotten gains from the revenue reporting. Last year, the SEC settled with i2 for $10 million [SEC press release] over alleged fraud related to reporting software revenue. AP has more.

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Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible format.

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