SAN FRANCISCO – LAWFUEL – The Law Newswire – United States Attorney Scott N. Schools announced that Prabhat Goyal was convicted of 15 counts of securities fraud related violations. The jury, after deliberating approximately 3 days, found that the defendant had committed securities fraud, filed false reports with the Securities and Exchange Commission (SEC), and made false statements to auditors. The guilty verdicts followed a 5-week jury trial before United States District Court Judge Martin J. Jenkins.
Mr. Goyal, of Los Altos, California, was indicted by a federal grand jury in June 2004. A copy of the indictment may be found on the U.S. Attorney’s Office’s website at www.usdoj.gov/usao/can. The defendant was convicted of all counts submitted to the jury, Counts 2, 3-5, 7-10, and 13-19. The remaining counts of the indictment had been previously dismissed.
The sentencing of Mr. Goyal will be scheduled after a motions hearing on July 27, 2007 before Judge Jenkins in San Francisco. The maximum statutory penalties for each count of conviction is 10 years imprisonment, a $1 million fine, 3 years of supervised release, $100 special assessment, and restitution. Any sentence following conviction, however, would be imposed by the court after consideration of the U.S. Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. § 3553.
Elise Becker and Brian Stretch are the Assistant U.S. Attorneys who are prosecuting the case with the assistance of legal assistant Miche Sharpe. The prosecution is the result of a lengthy investigation by the Federal Bureau of Investigation.
Case #: CR 04-201 MJJ