Former Lucent Polymers executives sentenced for securities fraud, money laundering
EVANSVILLE, Ind. — Two former corporate executives received prison sentences Thursday on charges of securities fraud and money laundering.
U.S. District Judge Richard L. Young sentenced Kevin Kuhnash, 59, of Ohio, to three years in prison. Jason Jimerson, 46, of Alabama, will serve a two-year sentence.
Both men served as chief executive at Lucent Polymers, a plastics company. They were accused of hiding "critical defects" when they organized its sale to a private equity firm in 2013 for more than $64 million.
"Kuhnash and Jimerson claimed that Lucent could produce specialized plastics products that consistently met or exceed customer specs at very low prices by using low-cost, recycled materials," when tests showed many of the company's products did not actually meet specifications, according to a news release from Acting U.S. Attorney for the Southern District of Indiana John E. Childress.
Read more: https://www.courierpress.com/story/news/crime/2021/03/25/former-executive-serve-prison-time-securities-fraud-money-laundering/7002781002/
(Evansville Courier Press)