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Univ. of Toledo College of Law

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Monday, September 20, 2010

L&H Founders Guilty of Fraud in Belgium

Jo Lernout and Pol Hauspie, the founders of Lernout & Hauspie Speech Products NV, were found guilty of fraud in a Belgian court, for their role in the accounting scandal that led to the collapse of the speech recognition company.  Each received sentences of five years.  Six other executives, including the former CEO, were also convicted in Belgium's largest corporate fraud proceeding.  L&H's former auditor, KPMG,  was acquitted.  It had previously settled fraud allegations brought by shareholders in the U.S. for $115 million.  WSJ, Lernout & Hauspie Founders Guilty in Fraud  

http://lawprofessors.typepad.com/securities/2010/09/lh-founders-guilty-of-fraud-in-belgium.html

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