Devon IT accuses IBM execs of "Ponzi scheme"

The Courthouse News Service is reporting that Devon IT, the thin client systems provider based in Devon, has filed a RICO complaint against four IBM executives. Devon IT accuses them of "orchestrating a widespread Ponzi scheme, in violation of the Racketeer Influenced and Corrupt Organizations Act ('RICO'), over a period of nearly five years, involving the direct solicitation of $12 million in investment money from Devon for two information technology projects".
IBM continued to seek additional funding for one project even after it had cancelled it internally, while using funds received from Devon to improperly inflate its own divisional financial results, according to the complaint. Devon IT claims it had to layoff more than 60 employees due to the negative impact on the company.
More to come.


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