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Symbol exec pleads guilty to fraud

HOLTSVILLE, N.Y.-The former chief accounting officer of wireless and mobile device maker Symbol Technologies Inc. pled guilty to a “vast fraudulent scheme” aimed at inflating Symbol’s revenues and earnings by millions of dollars between 1998 and 2002, the Securities and Exchange Commission said.

Trading in Symbol’s stock was briefly halted following the news. The company’s stock was down slightly to about $14.12 per share after trading was reinstated.

In a statement, Symbol said it is working with the SEC to “complete a restatement of earlier financial results, and we anticipate the financial impact of this restatement to be consistent with the company’s previous disclosures. The company continues to cooperate with the ongoing investigations by the SEC and the U.S. Attorney.”

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