Sky Capital Holdings Ltd. founder and CEO Ross Mandell was found guilty by a federal jury in New York for operating what the U.S. said was an eight-year long scheme that defrauded investors out of $140 million, Bloomberg writes.
Mandell, 54, of Boca Raton, Florida, was found guilty of all four counts he was charged with, conspiracy, securities fraud, wire fraud and mail fraud, after a trial before U.S. District Judge Paul Crotty in Manhattan.
Adam Harrington, 41, of Miami, a former broker at the firm who was tried with Mandell, was found guilty of the same four counts.
Mandell and Harrington were accused of manipulating shares in two Sky Capital companies traded on the Alternative Investment Market of the London Stock Exchange. The U.S. said the two solicited millions of dollars from victims for what they claimed were restricted stock offerings or private placements that promised large returns…
Read more at http://www.bloomberg.com/news/2011-07-26/sky-capital-s-mandell-is-found-guilty-on-all-counts-in-140-million-fraud.html
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