Final Judgment Entered Against Former Telxon CFO for Accounting Fraud Violations

Defendant/respondent was found to have caused his former employer, Telxon Corporation, a leading manufacturer of hand held computers and related systems, to improperly recognize $23.1 million in revenue from three transactions in 1998. Telxon’s quarterly revenues were thus inflated by 23%, and a loss of $7.3 million became a falsely stated profit of $4.1 million. Haver also allegedly failed to properly account for several other prior transactions. In addition to the monetary sanction, he was permanently enjoined from further aiding-and-abetting violations, and suspended from practice before the SEC.