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PurchasePro founder convicted in stock fraud scheme

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By AP
15 May 2008 @ 02:08 pm EST

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ALEXANDRIA, Va. - A one-time dot-com billionaire has been convicted of stock fraud and obstruction of justice after a finding that he deceived investors in his Las Vegas software company.

Charles E. "Junior" Johnson was chief executive of PurchasePro, a software company that went bankrupt as the dot-com bubble burst in 2001.

A federal judge in Alexandria on Thursday found Johnson guilty on all counts after concluding that he schemed to falsely inflate his company's revenue in the first three months of 2001.

The case has been under investigation for six years and resulted in convictions of six other PurchasePro executives.

Two midlevel executives at AOL, which had a marketing partnership with PurchasePro, were acquitted at an earlier trial.

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