Vitesse founder avoids jail

SEC logoLouis Tomasetta founder of Vitesse Semiconductor, will not go to jail after pleading guilty in August to conspiring to obstruct a federal investigation

Instead of jail-time, Tomasetta will do three months pobation.

Also doing three moths probation will be Vitesse’s former CFO Eugene Hovanec.

Hovanec and Tomasetta admitted thst they destroyed or falsified records of stock option grants for April and October 2001.

The sentences were handed down by the US District Court for the Southern District of New York.

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