Jury Returns Verdict of Liability on Claims Vs 2 Ex-CFOs
A jury in Omaha, Nebraska returned a verdict of liability on all claims against former chief financial officers Rajnish K. Das and Stormy L. Dean.
Das and Dean were former executives of infoUSA, Inc., a database marketing company headquartered in Omaha, Nebraska. The trial was presided over by U.S. District Judge Laurie Smith Camp.
At the trial, the Commission argued that Das and Dean assisted former chief executive officer Vinod Gupta in looting infoUSA, Inc. by authorizing Gupta’s use of company funds to pay for his lavish lifestyle.
The Commission claimed Gupta used company funds to pay for his personal expenses including private jet flights, yacht expenses, private club memberships, credit card expenses, and expenses associated with his homes and cars. The Commission argued that Das and Dean signed and certified Info’s false public filings which underreported Gupta’s executive compensation and related party transactions.
After the 10-day trial, the jury deliberated for approximately two hours before rendering its verdict. The Commission expects to file a motion for injunctive and other remedial relief based upon the jury’s verdict.