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IBM execs named in $100M racketeering suit

Third Position (1725934) writes | more than 4 years ago

IBM 0

Third Position (1725934) writes "A Pennsylvania-based information technology partner of IBM is suing the technology giant for some $100 million, alleging a Ponzi scheme and racketeering.

In a lawsuit filed in federal court in Pennsylvania on June 16, Devon IT accused IBM and several senior executives by name of misusing $12 million that Devon invested in two IBM projects.

“As part of their scheme, the RICO Defendants intentionally misrepresented the market potential of the products they touted and continued to demand funding from Devon – an admittedly smaller company with less resources than IBM – even after the RICO Defendants secretly canceled at least one of the subject development projects,” the company alleges in the suit."

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