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Two Former Tech Executives From Ventura County Enter Guilty Pleas To Obstructing Stock Option Investigation

Posted on Thursday, August 15, 2013 4:01pm

Two Ventura County men who were top officials with a locally based semiconductor giant entered guilty pleas in federal court to charges they conspired to obstruct a federal investigation into the company.

Prosecutors say Vitesse Semiconductor Corporation founder Louis Tomasetta, and former Chief Financial Officer Eugene Hovanec admitted planning to destroy, or falsify documents related to some stock option grants.

As part of a deal, prosecutors dropped more serious charges, and say they will recommend probation for the men when they’re sentenced in Manhattan this coming November.

Two earlier trials over the allegations ended with hung juries.

Tomasetta lives in Ojai, and Hovanec lives in Westlake Village.

The Camarillo based company makes communications integrated circuits for networking equipment.

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