GSB Financial CEO Indicted For Securities Fraud

Law360, New York (November 21, 2005, 12:00 AM EST) -- Manhattan prosecutors have charged the chief executive of Canada's GSB Financial Services Inc. with conspiracy to commit securities fraud and commercial bribery, claiming the CEO and a principal tried to manipulate stock prices by bribing brokers.

Gary Burnie, GSB Financial's president and chief executive, and Floyd Cochran, a principal in the company, were charged with “scheming to manipulate the price of GSB stock by paying secret bribes to stockbrokers to peddle that stock to their customers,” the U.S. Attorney for the Southern District of New York...
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