Legal Niches

Real Guilty Pleas From Brain Trust of VR Company

By pete_gallagher

Six executives from a videogame accessory manufacturer have pled guilty to conspiracy to commit mail and wire fraud charges.

Back in October we reported on the Securities and Exchange (SEC) Commission investigation into Florida-based 3001 AD, alleging that the firm raised approximately $18.0 million through a series of fraudulent security offerings.

The Federal Bureau of Investigation (FBI) now states that on December 4, six members of the firm pled guilty to one count of conspiracy to commit mail and wire fraud. The six are Jimmy L. Barker, Jr., Theodore Ginocchio, Ronald Bowsky, Jack Maddock, Robert Pozsony, and Rodger Brownson. Codefendants Robert Ladrach and Marc Rifkin previously pled guilty to the same count.

A sentencing hearing is scheduled for February 12, 2010. Each defendant faces a maximum imprisonment of up to 20 years and may also be subjected to fines or restitution.

3001 AD was a marketer of the Trimersion First Person Shooter Gaming Accessory, a virtual reality system aimed for use in the home on consoles or a PC. The company also operated virtual reality gaming centers, called Beta Zones, at theme parks around the country.

Full post as published by GamePolitics.com on December 09, 2009 (boomark / email).