No more bling, mansions and private jet jaunts for one guilt-dodging, $110 million stocks swindler, according to the NY Post.
James Margulies, 47, was sentenced to at least 7 years, and as much as 21 years, in prison by an angry judge this morning for the massive looting of his Manhattan-based automotive chemicals manufacturing company, Industrial Enterprises of America.
The Cleveland-based attorney had tried to worm his way out of prison time by blaming the scheme on his co-conspirator and cravenly invoking his autistic grade-schooler daughter, who he told the judge would "regress" unless he could remain free.
"It's not my sentence that's going to devastate these children," Manhattan Supreme Court Justice Gregory Carro snapped back at the crook, calling the theft one of the largest he'd ever seen. "It is your actions. You were not thinking of them when you committed these frauds," the judge said, railing against the crook's lavish vacations in the South of France, and posh manse in Cleveland's exclusive Pepper Pike suburb.
"Your children didn't need to live in a house that was decorated like a museum," Carro told the dad of three. "They needed a father's love, not all that material stuff."
Margulies had been convicted in July of artificially pumping up the company's stock value by illegally issuing some $90 million in securities -- a scheme which let him enrich the family members and friends who'd loaded up on the stocks while bankrolling a lavish lifestyle for himself…
Read more: http://www.nypost.com/p/news/local/ex_auto_chemical_ceo_sentenced_in_sGUTX1JRwH2C4gi18LIcWP#ixzz1XU3TQeJp
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