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Technology Stocks : PairGain Technologies

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To: Joseph Moran who wrote (34538)	11/8/1999 4:07:00 PM
From: scrooge	Read Replies (2) of 36349

8 Nov 15:52 By Lynn Cowan NEW YORK (Dow Jones)--The Securities and Exchange Commission Monday charged former money manager S. Jay Goldinger with stealing $15.9 million from telecommunications company PairGain Technologies Inc. (PAIR) from 1994 to 1995. The SEC also charged PairGain and two of its top executives - Chairman and former Chief Executive Charles S. Strauch and Chief Financial Officer Charles W. McBrayer - with failing to properly account for and disclose what initially appeared to be investment losses from unauthorized trading, but in reality were thefts by Goldinger. The theft from the Tustin, Calif., company occurred as part of a Ponzi-like scheme whereby Goldinger commingled the funds of PairGain and his other clients, then engaged in massive securities-future trading misallocations, the SEC said in a press release. (MORE) DOW JONES NEWS 11-08-99 03:52 PM

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