James Guerin has finally admitted fraud and tax evasion in connection with his former company International Signal & Control, pleading guilty to the charges before a US district court judge in Philadelphia; he acknowledged inflating the value of the company by booking over $1,000m in fictitious weapons contracts with Pakistan, the United Arab Emirates and other countries, but he denies diverting $18m of company money for his own use, and denied that the acquisition of International Signal was the main reason that Ferranti International Plc had to write off almost half of its net worth; Guerin faces fines of up to $3m and life imprisonment.
