Willie Gault, former NFL wide receiver for theRaiders and Bears, is being charged by the Securities and Exchange Commission ina stock fraud case involving the company he worked for as co-C.E.O.Bloomberg Businessweek reports Gault was named president and co-CEO in 2008 of Heart Tronics, as it looked to generate publicity and foster investor confidence.
Bloomberg quoted Stephen L Cohen, an associate director in the SECs enforcementdivision:(Heart Tronics attorney Mitchell) Steintook advantage of Gaults celebrity to further prop up the image of HeartTronics as a successful enterprise. Stein secretly sold millions of dollars instock while peddling false claims of Heart Tronics lucrative sales orders, andhas been living the high life off his illicit proceeds with multiple homes,exotic cars, and private jets.Gault has denied the charges that he was involved with five others in the scheme to defraud investors of 8 million.Gault, 51, played 11 seasons in the NFL, six with the Raiders and five with the Bears. He won a championship with the Bears when Chicago beat New England in Super Bowl XX.
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