Spain's Gowex Files For Bankruptcy, Ex-CEO Could Face 10 Years In Jail - Presented by: The Aol. On Network

Spanish wireless networks provider Gowex filed for bankruptcy on Monday, a week after an accounting fraud at the firm was revealed, while the High Court said its founder could face a jail sentence of more than 10 years. Law firm Velez & Urbina said Gowex had decided to file for bankruptcy because it was in a state of "imminent insolvency" and faced a "financial standstill" after a high number of contracts were ended and new projects were canceled.



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