Washington : Two Indian American top executives of a software and consulting firm have been arrested in the US for allegedly misrepresenting the company’s finances, a media report said on Thursday.
Nandu Thondavadi, CEO of Schaumburg-based Quadrant 4 System, and Dhru Desai, its chief financial officer and chairman, were charged with wire fraud and certifying false financial reports related to two acquisitions and the settlement of a lawsuit against the company in 2013, the Chicago Tribune reported.
Both appeared in Chicago federal court on Wednesday morning to hear the charges, which carry a maximum penalty of 20 years each for wire fraud and certifying false financial reports.
Thondavadi of North Barrington and Desai of Barrington are in federal custody with a bond hearing set for Friday afternoon.
Quadrant 4 has offices in seven states and India.-Agency