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Why Aldec’s Long-Term VP, Dave Rinehart, Is No Longer with The Company?

Date: 2014/05/30Type: Release

Henderson, NV – May 30, 2014 - As Aldec celebrates their 30th year of business in the Electronic Design Automation Industry, there has been much speculation about the status of Aldec since it split ties with its former Vice President, David Rinehart, who has been spotted at Synopsys.

 

Aldec parted ways with Rinehart in July of 2013. Rinehart spent nearly 20 years running the daily operations at Aldec as a once highly trusted administrator. His sudden departure has naturally raised questions.

 

Under legal advice, Aldec is now able to set the record straight. Aldec secured Rinehart's resignation after an independent CPA, Bruce Gardiner, discovered evidence of Rinehart using his position of trust to unlawfully obtain (personally or through entities or individuals under his control) substantial company funds and resources. Under legal advice, Aldec President & CEO, Dr. Stanley Hyduke is now moving forward with pressing criminal charges against Rinehart.

 

Among many other allegations, Rinehart hired his mother-in-law as Aldec's bookkeeper without revealing this relationship to the President of Aldec or the Company financial controller, apparently so he could hide his unlawful actions. Then, while a trusted officer and employee of Aldec, Rinehart started a company called IT One Group LLC, registered under his wife’s name. IT One Group LLC hired Aldec employees, who, under Rinehart performed work for IT One Group LLC while at work for, and being paid by, Aldec. Rinehart then had Aldec pay a monthly "service" fee to IT One Group LLC for alleged services performed by these same employees Aldec was already paying salaries. Those associated with Rinehart's unlawful actions are no longer with Aldec, however, his most trusted associate allegedly joined him at his new employer.

 

2013 certainly was a year of transition for Aldec, yet despite the disruptions caused by Rinehart, the company finished 2013 with 18% annual growth over 2012. The North American Sales team finished 2013 with the best sales quarter in the history of the 30-year old company.

 

If you have questions regarding the actions being taken against Dave Rinehart, you are welcome to contact Aldec's legal counsel, F. Christopher Austin at Weide & Miller, Ltd., (702) 382-4804.

 


Aldec is a registered trademark of Aldec, Inc. All other trademarks or registered trademarks are the property of their respective owners.

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