INDIAN 2LST

The federal regulator also charged Vasant H Raval, the
former chairman of Info's audit committee and two of the
company's ex-chief financial officers, Rajnish K Das and
Stormy L Dean, for enabling Gupta to carry out the scheme.

Raval would pay a USD 50,000 penalty and has consented to
an order barring him from serving as an officer or director of
a public company for five years.
The SEC's complaints, filed in federal district court in
Nebraska, allege that from 2003 to 2007, Gupta improperly used
corporate funds for more than three million dollars worth of
personal jet travel for himself, family and friends to South
Africa, Italy and Cancun.
He also used investors' money to pay USD 2.8 million in
expenses related to his yacht; USD 1.3 million in personal
credit card expenses and other costs associated with 28 club
memberships, 20 automobiles, homes around the country and
three personal life insurance policies.
Gupta and his immediate family have at least nine US
homes, including in Las Vegas, Colorado, Miami and Hawaii, the
SEC said.
It also alleges that Gupta failed to inform Info's other
board members of the material fact that he had purchased
shares of an Info acquisition target for his own ill-gotten
financial benefit.
Charging Raval, the SEC said he failed to respond
appropriately to various red flags concerning Gupta's expenses
and Info's related party transactions with Gupta's other
entities. PTI YAS
KAB


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