Three former executives of a small engine manufacturer are facing multiple fraud charges connected to a scheme to overstate revenue by nearly $25 million, which ultimately prompted the company to restate its financial statements.
The U.S. Department of Justice has issued an indictment against Gary Winemaster, former chairman and CEO of Power Solutions International near Chicago, charging him with one count of securities fraud, 10 counts of wire fraud, two counts of making false statements to an auditor, and one count of failing to certify financial reports. Also indicted are Craig Davis, former vice president of sales, and James Needham, former general manager, who are each charged with one count of securities fraud and 10 counts of wire fraud.
