Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Sunday, October 26, 2008

Former Peregrine President Settles Accounting Fraud Charges

On October 20, 2008, the United States District Court (S.D.Cal.) approved the SEC's settlement with former Peregrine Systems, Inc. (“Peregrine”) president Gary L. Lenz. The Commission’s action, filed in 2004, charged Lenz with, among other things, securities fraud, in connection with his participation in a revenue inflation scheme with other senior officers of Peregrine, a San Diego software company that has since been acquired by Hewlett-Packard Company. To settle the Commission’s case, Lenz agreed to pay a $110,000 civil penalty and to be barred from serving as an officer or director of any public company.

In January 2008, Lenz entered a guilty plea in a related criminal case and pleaded guilty to one count of making materially false statements to the FBI. Lenz was sentenced to three years probation, a $5,000 fine and 200 hours of community service.

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