Ex-Pegasus Wireless Chief Knabb Pleads Guilty to Fraud
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Ex-Pegasus Wireless Corp. Chief Executive Officer Jasper Knabb pleaded guilty to securities fraud and other charges in connection with a $25 million scheme to sell shares for bogus debt and funnel the proceeds to himself, family and friends.
Knabb, 44, created 31 fake promissory notes and other documents representing that Pegasus had outstanding debt, U.S. Attorney Melinda Haag in San Francisco said today in an e-mailed statement.