Comment (0)Hong Lu, the Company's current Chief Executive Officer and a director of the Company, also agreed to settle with the SEC without admitting or denying the allegations in the SEC's complaint, by paying a civil penalty of $100,000 and consenting to a permanent injunction on similar terms as the Company. Mr. Lu's settlement is subject to a final judgment by a United States District Court.
Lu and UTStarcom Inc. (Nasdaq: UTSI) don't have to admit guilt related to their recent investigation. And having a public company CEO that is told to pay a six-figure sum to a government agency doesn't sound guilty at all, does it?
Ouch.
— Phil Harvey, Editor, Light Reading
