Short Take: Execs face prison sentence

Two former California Micro Devices executives convicted of securities fraud face up to 40 years in prison each, according to an official at the U.S. Attorney's Office. Former chairman and CEO Chan Desaigoudar and former VP, treasurer, and CFO Steven Henke were convicted of six felony charges of fraud, insider trading, and making false statements to the SEC. A new management team is now running the company.

July 16, 1998 8:30 a.m. PT

Two former executives convicted of securities fraud face up to 40 years in prison each, according to an official at the U.S. Attorney's Office. Former chairman and CEO Chan Desaigoudar and former VP, treasurer, and CFO Steven Henke were convicted of six felony charges of fraud, insider trading, and making false statements to the SEC. A new management team is now running the company.