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Federal securities regulators this week announced fraud charges against five
former executives at the defunct Tempe television maker Syntax-Brillian
Corp., accusing them of faking big sales to pump up its profit figures and
sell more stock.
The fraud was so transparent that the shipping vessels indicated on the
bills of lading were not even in use or on different routes on the days they
purportedly were delivering Syntax televisions and parts, according to the
SEC.
Without admitting or denying guilt, four of the officers have settled with
the court already. According to the SEC:
- Wayne Pratt, 50, of Chandler, the former chief financial officer, agreed
to repay $88,000 with interest of $17,000 plus a civil penalty of $90,000.
After the fall of Syntax-Brillian, Pratt helped establish Unicorn Media in
Tempe.
- James Li, 43, the former company president now living in San Jose, Calif.
and Beijing, agreed to a judgment that will require the disgorgement of all
ill-gotten gains, plus interest, and a civil fine that the court will
determine. No dollar figures were provided.
- Roger Kao, 50, of San Diego and Beijing, the former vice chairman of a
manufacturer named Taiwan Kolin Co. that helped Syntax perpetuate a "
circular cash flow scheme," agreed to a civil fine of $100,000.
- Christopher Liu, 62, of Austin, the former chairman of Kolin, also agreed
to a $100,000 fine.
That leaves Thomas Chow, 49, of Covina, Calif., who served as chief
procurement officer of Syntax. The SEC still is pursuing a civil penalty
that could be as high as three times his stock trading profits, although now
dollar amount was provided.
Chow and Li were both accused of insider trading, as well as falsifying
documents submitted to the SEC and auditors.
former executives at the defunct Tempe television maker Syntax-Brillian
Corp., accusing them of faking big sales to pump up its profit figures and
sell more stock.
The fraud was so transparent that the shipping vessels indicated on the
bills of lading were not even in use or on different routes on the days they
purportedly were delivering Syntax televisions and parts, according to the
SEC.
Without admitting or denying guilt, four of the officers have settled with
the court already. According to the SEC:
- Wayne Pratt, 50, of Chandler, the former chief financial officer, agreed
to repay $88,000 with interest of $17,000 plus a civil penalty of $90,000.
After the fall of Syntax-Brillian, Pratt helped establish Unicorn Media in
Tempe.
- James Li, 43, the former company president now living in San Jose, Calif.
and Beijing, agreed to a judgment that will require the disgorgement of all
ill-gotten gains, plus interest, and a civil fine that the court will
determine. No dollar figures were provided.
- Roger Kao, 50, of San Diego and Beijing, the former vice chairman of a
manufacturer named Taiwan Kolin Co. that helped Syntax perpetuate a "
circular cash flow scheme," agreed to a civil fine of $100,000.
- Christopher Liu, 62, of Austin, the former chairman of Kolin, also agreed
to a $100,000 fine.
That leaves Thomas Chow, 49, of Covina, Calif., who served as chief
procurement officer of Syntax. The SEC still is pursuing a civil penalty
that could be as high as three times his stock trading profits, although now
dollar amount was provided.
Chow and Li were both accused of insider trading, as well as falsifying
documents submitted to the SEC and auditors.
