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Technology Stocks : AremisSoft Corporation (AREM)
AREM 0.10000.0%Aug 17 4:00 PM EDT

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To: benchpress550 who wrote (672)6/25/2002 1:26:50 PM
From: mmmary  Read Replies (1) of 683
"3 Face 20 Yrs. in Trading Scam

Daily News Business Writerhree top executives of a bankrupt software company were charged with ripping off shareholders of hundreds of millions of dollars.AremisSoft's former chairmen, Lycourgos Kyprianou and Roys Poyiadjis, as well as a former president, M.C. Mathews, were indicted in Manhattan Federal Court on charges of securities fraud, accounting fraud, insider trading and money laundering.The trio is charged with announcing a series of purported multimillion dollar acquisitions of what were actually worthless shell companies and fabricating $90 million in bogus revenues from customers supposedly located in emerging markets.They are also charged with artificially inflating the company's stock, which rose from $5 to $50 a share — then dumping millions of shares and pocketing $250 million in illegal profits. Kyprianou and Poyiadjis also are accused of laundering their funds through off-shore accounts.The scheme to misrepresent AremisSoft's business and financial condition took place between 1999 and 2001, according to the indictment.Prosecutors said the company once traded on the Nasdaq and had a market capitalization of $1 billion. It is currently in bankruptcy.AremisSoft was a Delaware corporation with offices throughout the world, including Britain, India, Cyprus and New York.Manhattan U.S. Attorney James Comey said the feds located more than $175 million in proceeds in bank accounts in the Isle of Man and are seeking to have it forfeited.He said prosecutors are seeking extradition of Kyprianou, 47, and Poyiandjis, 36, from Cyprus, and of Mathews, 38, from India.They face more than 20 years in prison if convicted."
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