Ex-InfoSpace chief ordered to pay $247 M penalty

Monday, 25 August 2003, 07:00 Hrs
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NEW YORK: Naveen Jain, former founder and chief executive of Internet software firm InfoSpace Inc., has been ordered to repay the company $247 million from profits made illegally selling company stock, InfoSpace has said.

Jain, who has left the Bellevue, Washington-based company, called the judgment "unjust and legally incorrect" and said he would appeal, in a statement released late by the company on Friday.

The judgment, by the United States District Court for the Western District of Washington, follows its summary judgment in May that Jain and his wife made so-called "short-swing" stock transactions in which, a corporate insider buys company stock and sells it within six months.

InfoSpace shareholder Thomas Dreiling claimed that Jain had improperly seized shares of the company from irrevocable trusts and deposited nearly 2.5 million of them into accounts controlled by Jain.
Source: IANS
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