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In Pictures: Hard time, 10 Tech CEOs sent to the s...
Paul Johnston, Entellium
Intuit offered $100 million to buy CRM software startup Entellium , but CEO Paul Johnston turned it down, perhaps because the company’s books couldn’t withstand the scrutiny of a due-diligence audit, according to the prosecutor in the case. Johnston pleaded guilty in 2009 and was sentenced to three years in a California federal prison for falsifying revenue figures to attract $50 million in investments. At his sentencing, he admitted his guilt, apologized to those he bilked and said he’d been driven by a fear of failure. He’s served his time and been deported. Entellium declared bankruptcy and Intuit bought some of its assets at a bargain price.
In Pictures: Hard time, 10 Tech CEOs sent to the slammer