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Strategies & Market Trends : Conversion Solutions Holdings Corp. - A Scam? -- Ignore unavailable to you. Want to Upgrade?

To: scion who wrote (4510)	5/29/2011 8:06:33 PM
From: scion	Read Replies (1) \| Respond to of 4624

Marshals found Harris hiding in a utility closet, Wingert said. Fugitive businessman caught in Utah By Erin Alberty The Salt Lake Tribune First published 3 hours ago Updated 50 minutes ago siliconinvestor.com A business executive who fled Atlanta while on trial in a high-profile securities fraud case was arrested Saturday night in southern Utah. The eight-day, nationwide manhunt for Rufus Paul Harris ended after federal agents learned he was staying with the family of a former business associate in Bloomington Hills, near St. George. "The business associate was out of town at the time," said Michael Wingert, spokesman for the U.S. Marshals. "The family members didn’t know anything about [the criminal case], so he showed up and they just let him stay there." Marshals found Harris hiding in a utility closet, Wingert said. Harris, 43, fled Atlanta on Monday, after the eighth day of his trial on accusations that he defrauded investors in the company. The trial continued while agents searched for him, and on Thursday a jury convicted Harris and another man of securities fraud, wire fraud and conspiracy, according to the Atlanta Journal-Constitution. U.S. attorneys said Harris, the former CEO of Kennesaw, Ga.-based Conversion Solutions Holdings Corp., helped pump up the company’s stock price with false claims and exaggerated financial statements while secretly transferring the stock to family members who sold the stock at inflated prices, the Journal-Constitution reported. When Harris fled, agents worried that he still had enough money to stay on the run for a long time, Wingert said. "They weren’t sure how much money he’d squirreled away," Wingert said. Sentencing is scheduled for Aug. 18. Harris could face up to 25 years in prison and a fine of up to $250,000 for each of the securities, conspiracy and wire fraud charges, the Journal-Constitution reported. He also may face additional charges of bail jumping. The Associated Press contributed to this report. siliconinvestor.com