Entellium's Chiefs Book-Cooking Crooks?

CRM software supplier Entellium claims to "empower small and medium sized businesses," but it looks like the Seattle company's CEO and CFO empowered themselves to pretend their small business was a few sizes bigger, to win $50 million from venture capitalists. "We are the old-fashioned type of entrepreneurs where you have to get revenue in order to spend," CEO Johnston told John Cook in 2004. When the revenue didn't come in fast enough, Johnston and his CFO created a second set of books that inflated Entellium's profits. Cook has Johnston's resignation letter on his new blog, which is currently a clearinghouse for details on the Entellium fraud.