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SEC Sues Ex-Power Solutions CEO, Execs on Accounting Fraud (1)

July 19, 2019, 5:48 PMUpdated: July 19, 2019, 6:45 PM

The Securities and Exchange Commissions has alleged that Gary Winemaster, former CEO of Power Systems International, and two former senior sales executives participated in an accounting fraud which overstated the company’s revenue by almost $25 million.

According to the July 19 complaint, Winemaster, Craig Davis, and James Needham caused Power Solutions to record revenue for purported sales of products that were not complete, that the customer had not agreed to accept, and for which the price was falsely inflated. The scheme began in 2014 and continued through 2015 in an attempt to meet or exceed earnings forecasts.

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