Critical Path exec pleads guilty to fraud

NEWS A former executive at struggling software and services company Critical Path has pleaded guilty to fraud after conspiring to meet financial targets with false revenues. David Thatcher admitted his guilt to the San Francisco District Court yesterday. He said he and other top executives from Critical Path worked together to enter inflated or fictional revenues into the company's income statements so it would appear to meet financial targets. The fraud was committed during the third and fourth quarters of 2000. Thatcher may get up to five years in prison and a fine of up to $250,000 for his crime but is expected to get a reduced sentence because of his willingness to inform on others.