Belovich dealing with his own legal woes?
Lawsuit says CEO misled investors
May 23, 2006 | 110 words, 0 images
A dozen people claiming a Hinckley software engineer persuaded them to invest in business software that doesn't work -- and that the company doesn't own -- have sued in Medina County Common Pleas Court.
The lawsuit alleges that SmartData's chief executive, Steve Belovich, led investors to believe that his Business Intelligence Middleware Software was immune from desktop viruses and compatible with outside computer systems.
The plaintiffs allege that Belovich violated the Ohio Securities Act by making false statements in order to sell stock in the company. They want their money back, plus attorney fees and other costs.
The case has been assigned to Judge James L. Kimbler.
