U.S. District Judge Cormac Carney (C.D. Cal.) has rejected a proposed plea agreement for Broadcom Corp. co-founder Henry Samueli which called for a sentence of five years probation and a $12.25 million fine. The court ruled that the agreement was too lenient, and postponed Samueli’s sentencing.
Henry Samueli
Samueli, who also owns the Anahein Ducks, pleaded guilty in June of this year to a charge of making a false statement to SEC investigators following Broadcom’s restatement of $2 billion in compensation expenses last year, according to a Reuters report.
The court ruled that the proposed sentence “would erode the public’s perception of our justice system to accept a plea agreement containing an unprecedented payment of $12 million to resolve a criminal liability of one of four conspirators in an alleged $2.2 billion securities fraud.”
A U.S. Attorney spokesman was quoted as stating that if the government cannot reach a new agreement with Samueli he may be subject to indictment, and that prosecutors are prepared to go to trial.
[…] that called for a sentence of five years probation and a $12.25 million fine (previously discussed here). The court ruled that the agreement was too lenient, saying it would “erode the […]