Douglas Powanda

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Douglas Stephen Powanda was an Executive Vice President for Worldwide Sales at Peregrine Systems, Inc., a San Diego, California-based business-software company.

Securites Fraud

In October 2004, Powanda and other executives at Peregrine Systems were indicted for "conspiracy to commit securities fraud, securities fraud, wire fraud, bank fraud, and falsifying books and records." In a separate indictment, Powanda and other Peregrine executives were indicted for civil fraud. [1]

Powanda was "accused of inventing many of the false sales. According to the charges, Gardner sold $11m of his stock in the company during the fraud, whereas Powanda offloaded stock worth a staggering $24m." [2]

Powanda pleaded innocent. [3]

According to the "pleading paper" of United States District Court Southern District of California, U.S. Department of Justice, January 2003 Grand Jury:

"Defendant DOUGLAS STEPHEN POWANDA, (hereinafter 'defendant POWANDA') was hired by Peregrine in February 1992 as a Senior Account Executive. Defendant POWANDA became a Vice President of Sales on or about July 1994, and was named Peregrine’s Vice President of Worldwide Sales on or about January 1998. On or about July 2001, defendant POWANDA began serving in the Office of the Chairman of the Board, reporting directly to defendant [Stephen Parker] GARDNER. By the time he left the employ of Peregrine on or about May 2002, defendant POWANDA had been paid approximately $2 million in salary, bonuses and commissions, and had exercised stock options worth approximately $30 million. Defendant POWANDA’s compensation was tied directly to Peregrine’s purported financial success."
  • Southern District of California, Hon. Thomas J. Whelan, District Judge, August 15, 2005: Douglas Stephen Powanda, MTD: 09-17-2005, Booking# 94210198. CR10 eCal Calendar Report.

"Home Sweet House" Deal

In December 2003, Randy "Duke" Cunningham "paid Douglas Powanda [and his wife Karen] $2.55 million for the new manse in Rancho Santa Fe at 7094 Via Del Charro," Josh Marshall wrote June 23, 2005.

"They paid cash. And the new place comes in at 7,628 sq.ft.," Marshall wrote.

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