Crisis Legal NewsClick here to add this website to your favorites
Crisis News Search >>>

A former corporate executive officer of a New York-based automotive-chemical company was convicted Tuesday in a multimillion-dollar investor fraud scheme that enabled him to buy expensive jewelry and take private jets.

A jury in Manhattan state Supreme Court found Cleveland lawyer James Margulies guilty of charges including grand larceny and scheme to defraud. He faces up to 25 years on the top two counts, which could run consecutively. Bail was set at $1.5 million.

Ira London, an attorney for Margulies, said he planned to file "a very vigorous appeal."

"The jury has spoken. I believe they have convicted an innocent man," he said.

While serving as the company's finance chief — and briefly as CEO — of Industrial Enterprises of America, Inc., from 2004 to 2008, Margulies illegally issued millions of shares of stock to friends and relatives, inflating the share price by making the company look more profitable than it was, prosecutors said.

A teachers' pension fund in Ohio and a church were among the victims of the scheme, prosecutors said.

Margulies personally reaped more than $7 million, spending it on lavish luxuries such as a $350,000 diamond ring for his wife from jeweler Harry Winston, prosecutors said.

He also paid more than a million dollars on the mortgage of his first home, bought a second home and spent $500,000 on a vacation club membership, prosecutors said.

Margulies was charged in the scheme in 2010 along with John D. Mazzuto, who pleaded guilty Jan. 14 to his role in issuing fraudulent shares of stock.

© Crisis Legal News - All Rights Reserved.

The content contained on the web site has been prepared by Legal Crisis News
as a service to the internet community and is not intended to constitute legal advice or
a substitute for consultation with a licensed legal professional in a particular case or circumstance.
 Law Firm Web Design Information
Law Promo can construct your law firm a brand new responsive website, or help you redesign your existing site to secure your place in the mobile world. We believe our work speaks for itself by showcasing quality design while reflecting our extensive experience in the online legal marketing industry. Law Firm Website Designs by Law Promo.| Law Firm Logo Design
   Latest Crisis Legal News
   Sponsored Links
Chicago Business Law Attorney
Corporate Litigation Attorneys
Fort Lauderdale Criminal Defense Lawyer
Miami Sex Crimes Lawyer
Fort Washington Employment Law Firm
Attorney Marc E. Weinstein
Santa Ana Workers' Compensation Lawyers
Car Accidents Attorneys
New Rochelle Personal Injury
Eugene Criminal Defense
Law Office of Max J Mizejewski
Family Law. Call 541.505.9872
CPA Accounting Web Design
Finanace Office Web Designs
Lorain Elyria Divorce Lawyer
New York Adoption Lawyers
New York Foster Care Lawyers
Adoption Pre-Certification
Cobb County Criminal Attorney
Georgia Criminal Defense Lawyer
San Francisco Trademark Lawyer
San Jose Trademark Lawyer
Eugene Chapter 7 Bankruptcy Lawyer
Oregon Chapter 7 Bankruptcy Lawyer