David Foley, founder of Ultracade, the US-based machine manufacturer and latterly chief technology officer at Global VR, one of the largest amusement machine makers in the US, has pleaded guilty to conspiracy to commit mail and wire fraud.

A Northern California US Attorney has confirmed that the offences took place after Foley had sold Ultracade to Global VR.

Foley produced and sold game devices privately while working for Global VR which had acquired all the rights to Ultracade products. Foley must return to court on April 30, 2012, for sentencing.