- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2023-01-13T19:59:00
The former chief financial officer of bankrupt email security business GigaTrust faces up to five years in prison after pleading guilty to defrauding investors and lenders of $50 million by impersonating auditors and fabricating reports, the Department of Justice (DOJ) announced Thursday.
Nihat Cardak, together with GigaTrust founder and former chief executive officer Robert Bernardi and former vice president for business development Sunil Chandra, tricked investors and lenders into pouring millions into GigaTrust from 2016 through at least 2019, when the privately held company was financially floundering, according to their indictment, filed in U.S. District Court for the District of Southern New York in October 2021.
Cardak pleaded guilty to one count of conspiracy to commit securities fraud. His sentencing is scheduled for May 16.
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The former chief executive officer of email security company GigaTrust was sentenced to five years in prison for fabrications that allowed him and two other executives to defraud investors and lenders of millions.
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