Guilty Plea Entered: The former head of...
From Times Staff and Wire Reports
Guilty Plea Entered: The former head of a bankrupt videotape manufacturing firm in Gardena accused of concealing a $16-million sale from his creditors pleaded guilty to two counts of bankruptcy fraud. Amarjit Singh Anand, former head of Intermagnetics America, also agreed to release $1 million to creditors in the United States and Great Britain. Anand is scheduled to be sentenced Oct. 1. He faces a maximum of 10 years in prison and a $500,000 fine, although prosecutors are recommending five years.
