NY Jury Finds Ex-Oil Exec Guilty In Stock Conspiracy

Law360, New York (March 8, 2011, 4:10 PM EST) -- A New York jury on Monday convicted a former oil executive of masterminding a pump-and-dump scheme that enabled him and a co-conspirator to dupe brokerage houses and fraudulently sell millions of artificially inflated shares of his company’s stock.

Jurors in the U.S. District Court for the Eastern District of New York found Kamal Abdallah, former CEO of Universal Property Development and Acquisition Corp., guilty on counts of securities fraud, wire fraud and conspiracy to commit securities and wire fraud in connection with the scheme.

Sentencing for...
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