CORRECTED: Scripps Heir Guilty Of Embezzling $3.6M From Family

Law360, Los Angeles (April 15, 2013, 3:19 PM EDT) -- An heir of Detroit News founder James E. Scripps is in prison after a Pennsylvania federal jury convicted him Friday of embezzling $3.6 million from his family — and spending it on houses, jewelry and a stripper — through a wire fraud scheme.

For nearly six years, Michael Scripps conspired with his mother and uncle's Merrill Lynch Pierce Fenner & Smith Inc. financial adviser — who himself had an expensive gambling habit — to fraudulently transfer portions of their combined $11 million trust fund accounts into...
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