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Ex-CEO Pleads Guilty in Tech Fraud
San Francisco Chronicle
August 29, 2000
In one of the largest securities fraud cases in Silicon Valley history, the former chief executive of a Fremont technology company has pleaded guilty to bilking investors out of millions of dollars, the U.S. attorney's office said yesterday.
Paul Jain of Berkeley admits that he and other executives at Media Vision Technology defrauded investors by creating bogus inventory and hiding millions of dollars in product returns. Media Vision, a maker of multimedia products, went belly-up in 1994 after allegedly falsifying records to inflate its financial performance. The case illustrates the darker side of Silicon Valley, where cases of fraud and stock manipulation largely have been overlooked by the media and law enforcement. For more information on this case, click here.