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

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From: StockDung7/27/2010 9:47:24 AM
   of 683
Ex-AremisSoft CEO Poyiadjis Avoids Prison After `Almost Unthinkable' Fraud

By David Glovin - Jul 26, 2010

Roys Poyiadjis, the ex-chief executive officer of AremisSoft Corp., a maker of business- management software, was sentenced to probation for a $254 million fraud that a judge said was “of almost unthinkable magnitude.”

Poyiadjis, 45, was ordered to serve six months of home confinement for his role in a decade-old crime on July 22 in a proceeding that was not publicized by U.S. prosecutors. U.S. District Judge Laura Swain in Manhattan handed down the sentence -- which also requires 600 hours of community service and a $200 million restitution payment -- because of Poyiadjis’s cooperation with the government.

“You committed a terrible crime, a crime of almost unthinkable magnitude,” Swain told Poyiadjis at the sentencing, according to a transcript of the proceeding. The “sophisticated” AremisSoft fraud “shows that you’re capable of causing great harm” and “making that very hard to detect.”

Poyiadjis and Lycourgos Kyprianou, AremisSoft’s former chairman, were indicted in 2001 by a U.S. grand jury and charged with securities fraud, insider trading and money laundering. In addition to fabricating $90 million in revenue, Poyiadjis was accused of making fraudulent representations about his sale of millions of shares in
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