GTX Founder Convicted Of Massive Fraud

Law360, New York (May 19, 2009, 12:00 AM EDT) -- David A. Hagen, the founder and former president of technology company GTX Global Corp., has reportedly been convicted of operating a pump-and-dump scheme that swindled investors of more than $28 million and now faces a maximum sentence of 45 years in jail.

A federal judge convicted Hagen Tuesday of conspiracy to commit securities fraud, conspiracy to commit wire fraud and conspiracy to commit money laundering, Dow Jones reported.

In January 2007, federal prosecutors filed suit in the U.S. District Court for the Western District of North...
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