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Cybersecurity

GigaMedia Executives Charged With $50 Million Fraud Scheme

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  • CEO, CFO allegedly faked cybersecurity company’s financials
  • A business development VP allegedly impersonated a customer

The top executives of defunct cybersecurity company GigaMedia Access Corp. were charged with duping investors out of more than $50 million by faking financial statements and having one of them pose as a customer.

Robert Bernardi, the founder and former chief executive officer of GigaMedia, which also did business as GigaTrust, Nihat Cardak, the company’s former chief financial officer, and Sunil Chandra, its former vice president for international business development, were arrested on fraud charges Wednesday morning and scheduled to appear in federal court in Virginia later in the day, prosecutors in New York said. They were also sued by the Securities and Exchange Commission.