Six former executives of AOL and its partner PurchasePro.com have been indicted by a federal grand jury on charges they conspired to inflate revenues. One of those indicted is PurchasePro.com’s former CEO Charles Johnson.
All six face charges of conspiracy, wire fraud, obstruction of justice and securities fraud. US Attorney Paul McNulty said at a press conference that "This is a very active and ongoing investigation."
AOL parent company Time Warner paid $510 million to the Justice Department and Securities and Exchange Commission in relation to the charges. McNulty said “it's a story of trying to create the appearance of success in business that's just not there."
