2nd Circ. Upholds Ex-Oil Exec's Pump-And-Dump Conviction

Law360, New York (June 26, 2013, 7:00 PM EDT) -- The Second Circuit on Wednesday upheld the conviction of a former oil executive convicted in a pump-and-dump scheme, tossing arguments that the district court lacked jurisdiction and that conspiracy charges in the case were flawed.

The decision affirming the lower court's ruling is the latest loss for Kamal Abdallah, former CEO of Universal Property Development and Acquisition Corp., who had sought a new trial or an acquittal on charges of securities fraud, wire fraud and conspiracy. Abdallah had argued that the New York federal court lacked...
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