Jury Finds Ex-IEA Chief Guilty Of $90M Fraud

Law360, New York (July 19, 2011, 10:45 PM EDT) -- A New York state jury convicted a former CEO of antifreeze maker Industrial Enterprises of America Inc. on Tuesday of fraud for participating in a pump-and-dump scheme involving more than $90 million worth of illegally issued securities.

After a six-week trial, a jury in New York Supreme Court found attorney and corporate executive James Margulies guilty of grand larceny, conspiracy, scheme to defraud, falsifying business records and violations of state securities fraud laws, according to the Manhattan District Attorney's Office.

"The defendant's pump-and-dump scheme artificially inflated...
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