Press "Enter" to skip to content

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

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

This post was originally published on this site

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *