SEC Slams Plasticon For Investor Fraud

Law360, New York (October 3, 2008, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has sued the president of Plasticon International Inc., a rebar manufacturer, for defrauding investors in an unregistered securities offering and pocketing approximately $3 million.

The complaint, lodged in the U.S. District Court for the Eastern District of Kentucky on Tuesday, alleges James N. Turek raised as much as $11 million from investors who believed the proceeds generated from the securities offering would be used to acquire other companies and purchase equipment.

But instead Turek used at least $2.8 million of...
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