Interesting article OT:
Ex-Penny Stock King Has Lien on Home
DENVER (AP) -- Former penny-stock king Meyer Blinder, convicted of
securities fraud, now faces a $5 million tax lien on his Englewood
home.
The lien, recently filed by the Internal Revenue Service, claims
Blinder owes taxes from 1982, 1989, 1990 and 1991. His late wife is
also named on the lien.
Blinder built the Denver-based penny brokerage firm of Blinder Robinson & Co. into an empire with 85 branch offices and 1,800 brokers before its collapse in 1990. He was convicted in 1992 for racketeering, money laundering and securities fraud and served 40 months in a federal prison in Jefferson County.
Glen Keller, a lawyer who served as trustee overseeing payment of
claims to Blinder's creditors, said he believes Blinder has few assets
other than his home left.
''This is one time the IRS might come up short,'' Keller said.
About $100 million has been distributed to customers and creditors.
Customers received all the securities in their accounts, about $80
million worth, as well as $7 million in cash.
Creditors will end up with about $5 million, or about 17 percent
of what they were owed.
The information contained in the AP News report may not be published,
broadcast or redistributed without the prior written authority of
The Associated Press.
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