Ex-Informix CEO Gets Jail
Former Informix CEO Phillip White was sentenced by a U.S. District Court judge in San Francisco last week to two months in federal prison for securities fraud.
White pleaded guilty to one count of signing and filing a false registration statement with the Securities and Exchange Commission in July 1997. White, 61, admitted that a registration statement for 12 million shares of company stock was false because Informixs 1996 financial statements were not accurate and should have been restated to reflect improperly booked revenue.
White also received a fine of $10,000, two years of supervised release and 300 hours of community service.
Informix was bought by IBM in 2001.