It emerged on Monday that two AOL former executives are among those who have been charged with securities fraud and other offenses in relation to a secret deal with now defunct software firm, PurchasePro.
According to reports, Kent Wakeford, former executive director of AOL's business affairs unit, and John Tuli, former vice president of the AOL NetBusiness operation, assisted PurchasePro to illegally inflate its revenue figures in 2001. AOL benefited from this deal because the firm had options to buy PurchasePro stock.
The Associated Press revealed that with Monday's indictment, 12 individuals (mainly from PurchasePro) have been charged in the course of this investigation. However, court documents released last year suggested that four more AOL employees may have been involved in the PurchasePro transaction.
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