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Monday, May 31, 2010

Lawyer, Executive Charged With Stealing $60 Million

Lawyer, Executive Charged With Stealing $60 Million
The New York Law Journal by Noeleen G. Walder - May 26, 2010

A Florida executive and an Ohio-based lawyer were indicted yesterday on charges of stealing more than $60 million from a Manhattan public holding corporation and its investors. Between 2004 and 2008, John D. Mazzuto, a corporate executive from Palm Beach Gardens, Fla., and attorney James W. Margulies of Cleveland allegedly sold tens of millions of dollars of shares of stock in Industrial Enterprises of America Inc., to family, friends and business associates and then used various fraudulent means to artificially inflate the shares' value, according to Manhattan District Attorney Cyrus R. Vance Jr. Some 3.5 million shares allegedly were placed in an attorney trust account opened by Mr. Margulies, who then liquidated the shares for approximately $18 million and sent the bulk of this money back to the company to pump up the share price. Prosecutors maintain the pair attempted to cover up the fraud by using bogus consultant agreements, structuring phony private stock transactions, illegally recording stock proceeds as revenue, and lying to auditors and regulators. Each defendant, charged with dozens of counts, including two counts of first-degree grand larceny and violating the Martin Act, faces up to 25 years in prison on the top count. The pair pleaded not guilty yesterday before Acting Supreme Court Justice Edward McLaughlin in Manhattan.

7 comments:

Anonymous said...

Why am I not surprised. The biggest crooks appear to be lawyers. This country is done, cooked, over.

Anonymous said...

that is why an honest lawyer will have a difficult time winning, you can not compete with the thieves & liars they tell each other how to do it to screw the innocent, so they can collect the most!!!!

Anonymous said...

Only 60 million - this cheapo needs to go to a bar association meeting or something to get up to speed.

Victim of Lawyers said...

Why am I not surprised? But, what is most shocking is that the oversight doesn't deal with these matters. The DDC, CJC & OCA preform the cover up, that's their purpose. The system is corrupt. The fish rots from the head, Judge Lippman et al. The lawyers know these things and know whaat they have to do to get along!

Anonymous said...

Saint Andrew, Patron Saint of Crooked Lawyers and Judges, couldn't find their names on his contributors list. Let that be a warning to other lawyers, of the consequences, or the wisdom of tithing.

Anonymous said...

Question...

If I had Queens Lawyers ordering up a phony title report from a Melville Company..

Should I be calling D.A. Vance?

the Suffolk D.A. does nothing...

as far as I can tell...

couldawouldashoulda said...

9 N.Y. Comp. Codes R. & Regs. 4.138


Current through April 15, 2010


* Section 4.138.* Executive Order No. 138: Requiring Attorney General to supersede District Attorney of Orleans County with reference to certain proceedings and the investigation of unlawful acts in relation to a conservatorship in Orleans County.[Revoked by Executive Order No. 31 (George E. Pataki), infra.]

TO: THE HONORABLE ROBERT ABRAMS
ATTORNEY GENERAL OF THE STATE OF NEW YORK
STATE CAPITOL
ALBANY, NEW YORK 12224
Best Section Begin
Pursuant to article IV, section three of the Constitution of the State of New York, the provisions of subdivision two of section 63 of the Executive Law and the statutes and law in such case made and provided, I hereby require that you, the Attorney General of the State, attend in Person, or by one or more of your assistants or deputies, a term or terms of the Supreme Court to be held in and for the County of Orleans, and that you, in Person or by said assistants or deputies, appear before any Search Term Begin grand jury Search Term End drawn for any other term or terms of said court, for the purpose of managing and conducting in said court and before said Search Term Begin grand jury Search Term End and said other Search Term Begin grand juries Search Term End any and all proceedings, examinations and inquiries and any and all criminal actions and proceedings which may be had or taken by or before said Search Term Begin grand jury Search Term End and Search Term Begin grand juries Search Term End concerning or relating to:
Best Section End
a) any and all unlawful acts or omissions or alleged unlawful acts or omissions by Milford L. Phinney, June A. Bush or any person acting in concert therewith in relation to the conservatorship of Barbara Schmitt and any other offenses joinable in an accusatory instrument charging such offenses;
b) any and all unlawful acts or omissions or alleged unlawful acts or omissions or alleged acts or omissions by any person in relation to an investigation of Milford L. Phinney, June A. Bush or any person acting in concert therewith in relation to the conservatorship of Barbara Schmitt and any offenses joinable in an accusatory instrument charging such offenses;
c) any and all acts and omissions and alleged acts and omissions occurring hereafter to obstruct, hinder or interfere with any inquiry, prosecution, trial or judgment pursuant to or connected with this requirement, and that you conduct, manage, prosecute and handle such other proper actions and proceedings relating thereto as may come before said court and that you conduct, manage, prosecute and handle all trials at said terms of court, or any term of said court at which any and all indictments which may be found and which may hereafter be tried, pursuant to or in connection with this requirement, and in the event of any appeal or appeals or other proceedings connected therewith, to manage, prosecute, conduct and handle the same, and that in person or by your assistants or deputies you, as of the date hereof, supersede and in the place and stead of the District Attorney of the County of Orleans exercise all the powers and perform all the duties conferred upon you by the statutes and law in such case made and provided and this requirement made hereunder, and that in such proceedings and actions the District Attorney of the County of Orleans shall exercise only such powers and perform such duties as are required of him by you or your assistants or deputies so attending.
Pursuant to the provisions of subdivision two of section 63 of the Executive Law, all expenses incurred by the Attorney General in relation to the prosecution of the proceedings enumerated herein, including the salary or other compensation of all deputies employed shall be a charge upon the County of Orleans.

Signed: Mario M. CuomoDated: July 13, 1990

[FN*] [Revoked by Executive Order No. 31 (George E. Pataki), infra.]

9 NY ADC 4.138
9 NY ADC 4.138
2008 WL 75284964
9 NY ADC 4.138

END OF DOCUMENT

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See Video of Senator John L. Sampson's 1st Hearing on Court 'Ethics' Corruption

The first hearing, held in Albany on June 8, 2009 hearing is on two videos:


               Video of 1st Hearing on Court 'Ethics' Corruption
               The June 8, 2009 hearing is on two videos:
         
               CLICK HERE TO SEE Part 1
               CLICK HERE TO SEE Part 2