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Power Solutions Founder Winemaster Indicted on Fraud Charges (1)

July 19, 2019, 5:58 PMUpdated: July 19, 2019, 6:53 PM

The former chief executive officer and co-founder of Power Solutions International Inc. and two others were indicted on federal fraud charges for inflating the company’s revenue by millions of dollars to deceive investors about its performance.

Gary Winemaster is accused of scheming with the Wood Dale, Illinois-based company’s former vice president of sales, Craig M. Davis and former general manager James Needham from 2014 to 2016 to hide information about special terms of sales to customers, such as discounts, the right to return and exchange products and extended payment terms. That caused the accounting department to recognize inflated revenue figures ...

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