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Ex-execs charged in $60M stock scam in NYC The Associated Press

25.05.10

NEW YORK — A former bank director built himself a financial fiefdom out of automotive-chemical companies, then plundered it through a series of stock frauds that let him live lavishly even though he'd declared bankruptcy, prosecutors said Tuesday.

As CEO of Industrial Enterprises of America Inc., John D. Mazzuto illegally gave stock to friends and relatives, pumped up the share price by making the company look more profitable than it was and lied to investors, according to the Manhattan district attorney's office.

The proceeds got him multimillion-dollar houses in the Hamptons and Florida, $500,000 worth of private jet travel and the status of a major benefactor of Yale University's baseball team, prosecutors said.

Mazzuto and James W. Margulies — a Cleveland lawyer who was the company's finance chief and briefly succeeded Mazzuto as CEO — pleaded not guilty to grand larceny, scheming to defraud and other charges. Together, they're accused of stealing more than $60 million from the now-bankrupt company.

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