UltraCade founder gets two years in prison for game counterfeiting, bank fraud

UltraCade Technologies founder David R. Foley has been sentenced to two years in prison for fraud stemming from the illegal copying and selling of arcade game data.

UltraCade offers a lineup of full-size arcade cabinets outfitted with emulated games under license from publishers like Capcom, Midway, and Taito. UltraCade owners can add new games to their cabinet's playable roster by purchasing upgrade CDs and USB keys featuring titles pulled from individual publisher catalogs.

Founder Foley sold a portion of UltraCade's assets to arcade game manufacturer Global VR in 2006, and was later hired on as the company's CTO. A federal court accused Foley of selling counterfeit UltraCade game packs via eBay in 2009, leading to his dismissal from Global VR.

In 2012, Foley pleaded guilty to federal charges of conspiracy to defraud Global VR, and admitted to defrauding a bank out of a nearly $3 million loan by falsely claiming that he was still employed by the company after his departure.

This article was originally published on Joystiq.