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Short Take: PairGain employee indicted

A federal grand jury has indicted a PairGain Technologies employee on five counts of securities fraud in connection with a fabricated news report that caused the company's stock to rise more than 30 percent, the U.S. attorneys office in Los Angeles said. Gary Dale Hoke, 25, of Raleigh, North Carolina, is scheduled to enter a plea on May 10 in Los Angeles federal court. The indictment alleges at least five investors were harmed by the scheme, including TheStreet.com co-founder James Cramer.

A federal grand jury has indicted a PairGain Technologies employee on five counts of securities fraud in connection with a fabricated news report that caused the company's stock to rise more than 30 percent, the U.S. attorneys office in Los Angeles said. Gary Dale Hoke, 25, of Raleigh, North Carolina, is scheduled to enter a plea on May 10 in Los Angeles federal court. The indictment alleges at least five investors were harmed by the scheme, including TheStreet.com co-founder James Cramer.