Paul Johnston, former chief executive of management software provider Entellium, has pled guilty to wire fraud. He is expected to serve three to six years in prison for egregiously fabricating the company's earning figures to lure more venture capital.
Seattle-based Entellium officially filed for bankruptcy earlier this month and is in the middle of selling its assets to Intuit for a reported $7.66 million.
Johnston resigned from the company at the end of September, along with former chief financial officer Parrish Jones, who is also charged with wire fraud. Jones has yet to enter a plea.