Exec Found Guilty In Penny Stock Fraud

Law360, New York (April 11, 2007, 12:00 AM EDT) -- A former telecom executive who bilked investors out of $15 million has been found guilty by a district court in New Jersey.

A jury in the U.S. District Court for the District of New Jersey on Tuesday found Robert P. Gordon, founder of Phoenix Information Systems Inc. and the former chairman of Phoenix subsidiary TeleServices Internet Group Inc., guilty of securities fraud and money laundering.

Gordon, who will be sentenced on July 13, faces up to 25 years in prison.

Much of the testimony in the...
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