The former owners of an Arizona software company have each been sentenced to serve five years and 10 months in federal prison related to a lengthy scheme that defrauded investors out of $5 million.
Court documents show that the Feinbergs operated Catharon Software Corp. that was related to a similar business the couple started when they lived in New York before relocating to Arizona. Documents show they operated the business out of a home in Sedona from 2002-2013. They alleged that the software would generate revenue of $2 billion within three years, promising investors returns of anywhere between 400% and nearly 2,300%.
In a pre-sentencing note to the court through their attorney, the Feinbergs said they were relying on the company's software programmers to inform them of their progress on developing the product but were given inaccurate information that they in turn conveyed to investors.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
South Africa South Africa Latest News, South Africa South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Jack Daniel's, Arizona pet toymaker square off in Supreme Court in trademark fight - Phoenix Business JournalThe Supreme Court will decide whether an Arizona manufacturer of pet toys infringed on Jack Daniel’s Old No. 7 trademark with its Bad Spaniels Old No. 2 squeaky toy for dogs.
Source: phxbizjournal - 🏆 254. / 63 Read more »
Arizona couple face federal prison over software fraud scheme - Phoenix Business JournalThe former owners of an Arizona software company, a married couple, have been sentenced to prison after being found guilty earlier this year by a federal jury trial on seven charges related to a scheme that authorities say defrauded investors out of $5 million.
Source: phxbizjournal - 🏆 254. / 63 Read more »
How cannabis companies are helping Arizona communities - Phoenix Business JournalIn this guest column, the CEO of an Arizona-based cannabis company that operates dispensaries and has its own growing sites, looks at how the addition of recreational sales in Arizona has helped erase some of the stigmas attached to the industry.
Source: phxbizjournal - 🏆 254. / 63 Read more »
Arizona couple face federal prison over software fraud scheme - Phoenix Business JournalThe former owners of an Arizona software company, a married couple, have been sentenced to prison after being found guilty earlier this year by a federal jury trial on seven charges related to a scheme that authorities say defrauded investors out of $5 million.
Source: phxbizjournal - 🏆 254. / 63 Read more »
How cannabis companies are helping Arizona communities - Phoenix Business JournalIn this guest column, the CEO of an Arizona-based cannabis company that operates dispensaries and has its own growing sites, looks at how the addition of recreational sales in Arizona has helped erase some of the stigmas attached to the industry.
Source: phxbizjournal - 🏆 254. / 63 Read more »
Small-business owners banking on big Black Friday, Cyber Monday - Phoenix Business JournalWith economic storm clouds looming, small-business owners are banking on a strong Black Friday, Cyber Monday and Small Business Saturday. New data offers good news on that front.
Source: phxbizjournal - 🏆 254. / 63 Read more »