Originally published October 10, 2008 at 5:05 PM | Page modified October 10, 2008 at 5:05 PM
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Prosecutor: Exec used company as 'piggy bank'
A Seattle software executive used his company as a "personal piggy bank" while overstating its revenues to attract $50 million in private investment.
A Seattle software executive used his company as a "personal piggy bank" while overstating its revenues to attract $50 million in private investment.
That's the word Friday from a federal prosecutor working on the case of Paul Thomas Johnston, founder and chief executive of software startup Entellium Corp. Assistant U.S. Attorney Carl Blackstone says Johnston paid himself $1.1 million over the past five years - not including a $100,000 loan he took without the knowledge of Entellium's board of directors. He also took his family on trips to California and Singapore, putting it all on the company credit card.
Johnston and Entellium's chief financial officer, Parrish Jones, were arrested this week and charged with wire fraud in a case that stunned the venture capital world. Many people have asked how some well-respected venture capital firms could have been duped into giving Entellium tens of millions of dollars.
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