InfoGroup's Jet Set CEO
What's the difference between a public company and a piggybank? Apparently not much, if you are InfoGroup's
Gupta, who also founded the database provider, agreed Monday to pay more than $7.3 million to settle federal regulators' charges he embezzled nearly $9.5 million from the company to finance a lifestyle that included private jet travel (with and without ex-President Clinton), multiple vacation homes and nearly two dozen fancy automobiles. Unsurprisingly, the formerly jet-setting CEO agreed to the settlement announced by the Securities and Exchange Commission without admitting or denying the agency's allegations, but did agree to refrain from future violations of securities laws.
According to the SEC's civil lawsuit against Gupta, however, it was Gupta who was constantly opening doors. The door to his private jets, to his 80-foot yacht, to his five vacation homes, to his 28 country clubs, etc. The key to all those doors being shareholder dollars he allegedly sucked from InfoGroup's coffers.