SEC v. Henry C. Yuen, No. LR-20599, Central District of California (May 23, 2008) — Press Release
raw: Henry C. Yuen
Henry C. Yuen, No. LR-20599 (May 23, 2008)
Henry C. Yuen, former CEO of Gemstar-TV Guide, was indicted for obstructing an SEC investigation and had previously been ordered to pay $22 million in penalties for fraudulently overstating revenues by $248 million.
Henry C. Yuen, former chairman and CEO of Gemstar-TV Guide International, Inc., was indicted in 2008 for obstructing an SEC investigation by deleting documents related to accounting irregularities. The SEC alleged that Yuen participated in a scheme to fraudulently overstate Gemstar's revenues by at least $248 million between 1999 and 2002. A 2005 court ruling found Yuen liable on all claims, ordering him to pay over $22 million in disgorgement and penalties, which was upheld by the Ninth Circuit in 2008.
In 2008, Henry C. Yuen, the former chairman and CEO of Gemstar-TV Guide International, Inc., was indicted for obstructing a U.S. Securities and Exchange Commission (SEC) investigation by deleting and destroying documents related to a subpoena concerning accounting irregularities. The SEC had previously filed a complaint in 2003, alleging that Yuen participated in a scheme to fraudulently overstate Gemstar's revenues by at least $248 million between June 1999 and September 2002 to meet financial projections. After a three-week trial in December 2005, a court ruled against Yuen on all claims, including securities fraud, and ordered him to pay over $22 million in disgorgement and penalties. The Ninth Circuit affirmed the district court's decision in 2008, upholding the findings of securities fraud and the financial penalties against Yuen. The obstruction charges stemmed from Yuen's actions of deleting documents from his computer and running a program to prevent recovery of the deleted files before he was scheduled to testify in the investigation.
Extracted insights
- $248.00M $248 million $100M–$1B
- $22.00M $22 million $10M–$100M
- court district court ruling that yuen committed securities fraud on april 1, 2008
- agency documents called for by sec subpoena
- company gemstar-tv guide international, inc.
- person henry c. yuen
- person ninth circuit
- agency sec against yuen on all claims including securities fraud
- agency Securities and Exchange Commission
- Henry C. Yuen was indicted on felony charge of obstructing a Commission investigation
- Henry C. Yuen was former chairman and CEO of Gemstar-TV Guide International, Inc.
- Henry C. Yuen participated in fraudulent overstatement of revenues by at least $248 million from June 1999 through September 2002
- Henry C. Yuen deleted documents called for by SEC subpoena
- Henry C. Yuen ran program to make it impossible to recover previously deleted documents
- Court found in favor of SEC against Yuen on all claims including securities fraud
- Court ordered Yuen to pay over $22 million in disgorgement and penalties
- Ninth Circuit affirmed district court ruling that Yuen committed securities fraud on April 1, 2008
- SEC filed complaint in June 2003 regarding accounting irregularities at Gemstar-TV Guide
- SEC issued subpoena to Henry C. Yuen requiring production of documents
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 20599 / May 23, 2008 U.S. v. Henry C. Yuen, No. CR 08-00567 (C.D. Cal.) Former Chairman and CEO Of Gemstar-Tv Guide International, Inc. Charged With Obstruction of an SEC Investigation The Securities and Exchange Commission announced that on May 13, 2008, Henry C. Yuen, the former chairman and chief executive officer of Gemstar-TV Guide International, Inc., was indicted on a felony charge of obstructing a Commission investigation. The indictment alleges that during an investigation regarding accounting irregularities at Gemstar-TV Guide, the Commission issued a subpoena to Yuen requiring him to produce documents. After receiving the subpoena, Yuen allegedly began deleting from his computer various documents that were called for by the subpoena. In addition, the day before Yuen was scheduled to appear for testimony in the Commission investigation, Yuen allegedly ran a program on his computer that made it impossible to recover the documents he had previously deleted. The SEC's complaint, filed in June 2003, alleged that from June 1999 through September 2002, Yuen participated in Gemstar's fraudulent overstatement of revenues by at least $248 million to meet its ambitious financial projections. After a three week trial in December 2005, the court found in favor of the Commission and against Yuen on all claims including securities fraud and ordered Yuen, among other things, to pay over $22 million in disgorgement and penalties. On April 1, 2008, the Ninth Circuit affirmed the district court's ruling finding that Yuen committed securities fraud, and found the court ordered disgorgement and penalty against Yuen was appropriate.
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 20599 / May 23, 2008 U.S. v. Henry C. Yuen, No. CR 08-00567 (C.D. Cal.) Former Chairman and CEO Of Gemstar-Tv Guide International, Inc. Charged With Obstruction of an SEC Investigation The Securities and Exchange Commission announced that on May 13, 2008, Henry C. Yuen, the former chairman and chief executive officer of Gemstar-TV Guide International, Inc., was indicted on a felony charge of obstructing a Commission investigation. The indictment alleges that during an investigation regarding accounting irregularities at Gemstar-TV Guide, the Commission issued a subpoena to Yuen requiring him to produce documents. After receiving the subpoena, Yuen allegedly began deleting from his computer various documents that were called for by the subpoena. In addition, the day before Yuen was scheduled to appear for testimony in the Commission investigation, Yuen allegedly ran a program on his computer that made it impossible to recover the documents he had previously deleted. The SEC's complaint, filed in June 2003, alleged that from June 1999 through September 2002, Yuen participated in Gemstar's fraudulent overstatement of revenues by at least $248 million to meet its ambitious financial projections. After a three week trial in December 2005, the court found in favor of the Commission and against Yuen on all claims including securities fraud and ordered Yuen, among other things, to pay over $22 million in disgorgement and penalties. On April 1, 2008, the Ninth Circuit affirmed the district court's ruling finding that Yuen committed securities fraud, and found the court ordered disgorgement and penalty against Yuen was appropriate.