Disbarred Atty, Promoter Plead Guilty In $18M Stock Fraud

Law360, Los Angeles (July 15, 2013, 4:24 PM EDT) -- A disbarred lawyer and a Florida stock promoter each pled guilty Monday in California federal court to conspiracy to commit securities fraud as part of a scheme that allegedly allowed its participants to reap $18 million as part of a stock price manipulation ring headed by an ex-prosecutor.

Joseph R. Scarpello, a disbarred California attorney who is free on bond, and William Mackey, who is currently jailed, entered their pleas in a hearing before U.S. District Judge Stephen V. Wilson.

After admitting to their crimes, Judge...
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