company, now known as Brecon House, William Brown Close, Llantarnam Industrial Park, was later used by LG Electronics Wales as their training facility for their new manufacturing plant in Newport. Later events On 1 August 2007, Frank E. Peters was convicted after a jury trial of six charges in Buffalo, New York in the United States. The charges included conspiracy, fraudulently inflating the value of security to a bank, bank fraud, mail fraud and wire fraud. Peters was the President of World Auto Parts, a company located in Buffalo in the late 1990s and in 2000. The company had a $10,500,000 revolving line of credit with the Chase Manhattan Bank, which was secured against the assets of the company. Peters was convicted of conspiring and causing false reports to go to the bank about the value of the security and hiding from the bank the true (and dire) state of financial affairs of the company. Peters was also convicted by the jury for his role in a scheme to divert valuable assets from the bank, which involved returning cheques payable to World Auto Parts to customers, asking that these cheques be redrafted to ITEC, a company that Peters had formed without the Chase Manhattan Bank's knowledge. Peters' bail was revoked in January 2010 after his electronic monitor fell off his ankle after breaking into pieces. The U.S. District Judge, William M. Skretny, did not accept Peters' explanation and revoked his bail. Peters will be confined to a jail cell until his sentencing, which was set for 16 June 2010. Peters was sentenced to 108 months (9 years) in jail by Judge William M. Skretny on 27 January 2011. Peters was also ordered to pay restitution of over $11,000,000 to Chase Bank and forfeit over $23,000,000. See also Welsh Development Agency v Export Finance Co Ltd, relating to the collapse of the Parrot Corporation. References External links Parrot Diskettes Case, showing the corporate logo WIPO Patent Filing for floppy diskette. To make counterfeiting more difficult - Parrot Corp, 2 November 1987 Defunct computer companies of the United Kingdom Defunct computer hardware companies Computer companies established in 1983 Computer companies disestablished in 1989 Defunct companies of Wales