TECHNOLOGY - Jan. 17, 1996
Times Staff and Wire Reports
Former CEO at Spectrum Pleads Guilty: Peter Caserta, the former chief executive of Spectrum Information Technologies Inc. of Purchase, N.Y., pleaded guilty to mail fraud and conspiracy and agreed to pay $1 million in fines and restitution. A federal grand jury in March accused Caserta and nine associates of bilking more than 300 companies in 23 states out of more than $6 million with an advance-fee loan scheme that ran from 1988 to February 1994. Four co-defendants have pleaded guilty. Caserta faces a sentence of more than two years in prison. He agreed to pay a $375,000 fine and make restitution totaling $625,000.
