Former Laser Photonics Executives Sanctioned for Accounting Fraud

Defendants include the former CEO, CFO and a Vice President of Laser Photonics, Inc., a manufacturer and marketer of medical and scientific laser systems. They were charged for their respective roles in a fraudulent scheme in which the revenues and profits of Laser Photonics were materially overstated in 1992 and until September 1993. The company’s profits in 1992 were inflated by over $1.3 million, going from a loss to a big win, and the fraud was concealed from auditors by misrepresentations and forged and other false documentation. In addition to monetary sanctions, Defendants were enjoined and the CFO was barred from practicing before the SEC.