Former CEO of Peregrine is sentenced
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The former chief executive of Peregrine Systems Inc., Stephen P. Gardner, was sentenced to eight years and one month in prison for his role in the fraud that destroyed the software company once valued at $4.72 billion.
“I did hide problems in the hope that they would be fixed and we could move on,” Gardner told U.S. District Judge Thomas J. Whelan in federal court in San Diego before being sentenced. “I was dedicated to making Peregrine a great company, and I failed.”
Whelan ordered the former CEO to begin serving his sentence Feb. 20. Gardner, 55, pleaded guilty in March 2007 to one count each of securities fraud, obstruction of justice and conspiracy to commit securities and wire fraud.
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