SAN JOSE (CN) – The SEC says Tvia’s Vice President Benjamin Silva III and CFO Diane Bjorkstrom helped the company inflate its earnings by $5 million. It settled with Bjorkstrom for $20,000; Silva apparently will fight the federal charges.
Tvia is a semiconductor company.
In a statement it issued announcing the civil lawsuits, the SEC said Silva “made side deals with customers and concealed the terms from Tvia’s executives and auditors, which fraudulently caused the company to report millions of dollars in excess revenue.”
It claims Silva made a profit of $300,000 by exercising options to sell 70,000 shares before the fraud was discovered. It wants him to disgorge the money and pay penalties, and wants him enjoined from running a public company.