Ex-Skylynx CEO Pleads Guilty To $20M Stock Fraud

Law360, New York (January 22, 2010, 1:08 PM EST) -- The former CEO of Skylynx Communications Inc. has pled guilty to conspiracy to commit securities fraud in a $20 million scheme that federal prosecutors say cost public investors more than $1 million in losses and defrauded more than 50 victims.

Gary L. Brown, of Sarasota, Fla., pled guilty in the U.S. District Court for the District of New Jersey on Thursday. He faces five years in prison and a fine of $250,000 or twice the aggregate loss to the victims or gain to the perpetrators, prosecutors...
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