Symbol Technology execs on trial for fraud in Central Islip
Three former executives of Symbol Technologies are facing prison time if convicted of fraud in Central Islip.
Former chief financial officer Kenneth Jaeggi, senior vice president of finance Michael DeGennaro and senior vice president and general manager Frank Borghese are accused of inflating financial numbers to paint a better picture for Wall Street investors. Authorities say they made tens of millions of dollars in personal profits.
Lawyers for the defense claim that while the executives clearly made financial information errors, the errors were made accidentally and without criminal intent. The prosecution plans to call several former executives that have pleaded guilty and agreed to testify against their former bosses. If convicted, the three defendants could face 10 to 15 years in prison. The trial is expected to last about six weeks.