Securities: SEC Charges Wireless Facilities' Former Options-Plan Administrator With Fraud

The U.S. Securities and Exchange Commission has charged the former administrator of Wireless Facilities Inc.'s stock-options plan with fraud. Vencent Donlan, 44, transferred shares and options worth $7.7 million to himself and to his wife between November 2002 and November 2003.

SEC charges Wireless Facilities' former options-plan administrator with fraud

Donlan abused his position by issuing and transferring more than 728,000 company shares and options to a brokerage account that he held with his wife. The SEC says that Donlan faked entries into the company's stock options software to create and hide the grant. Donlan's attorneys could not be reached for comment.