Jury Finds Former Netflix VP Guilty Of Taking Kickbacks In Contract Deals
A former executive at Netflix Inc (NASDAQ: NFLX) faces up to 20 years in prison after a jury in San Jose, California, found him guilty of fraud.
Michael Kail was Netflix's vice president in charge of internet technology, Fox2 KTVU in the San Francisco area reported.
Prosecutors accused Kail of taking more than $500,000 in kickbacks plus stock options. In return, he approved millions of dollars in contracts for nine tech companies seeking Netflix business between February 2012 and July 2014.
Kail then funneled the money into a limited liability company he set up called Unix Mercenary LLC. Prosecutors said Kail used the money to buy a home in Los Gatos.
The jury found Kail guilty of 28 of 29 counts of wire fraud, mail fraud and money laundering. He pleaded not guilty.
Kail's attorney said he plans to appeal.
Netflix declined to comment to Fox2 KTVU.
Image credit: Matthew Keys, Flickr
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