Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : MTEI - Mountain Energy - No BASHING Allowed -- Ignore unavailable to you. Want to Upgrade?

To: Jim B who wrote (11201)	11/27/1998 1:40:00 AM
From: DSPetry	Respond to of 11684

A ray of hope...Jack, you listening??? biz.yahoo.com Wednesday November 25, 8:23 pm Eastern Time U.S. Jury convicts former Ferrofluidics CEO NEW YORK, Nov 25 (Reuters) - A U.S. district court jury in Manhattan convicted the former chief executive of Ferrofluidics Corp. (Nasdaq:FERO - news) late Tuesday, finding him guilty of securities fraud and conspiracy in falsely inflating the price of the company's stock. At the end of an 11-week trial, the jury deliberated just four hours before voting to convict the former CEO, 59-year-old Ronald Moskowitz. According to evidence presented at the trial from 1991 to 1993 Moskowitz conspired with other officers and consultants of the firm to inflate Ferrofluidics' share price, using false news releases, misleading Securities and Exchange Commission filings, falsified minutes of board meetings and fraudulent public disclosure of non-existent contracts. The jury found that Moskowitz overstated the company's 1992 net income by $1.6 million on reported revenues of $3.5 million. Moskowitz personally profited from the fraud by selling $14 million in Ferrofluidics stock through family trusts he controlled, according to the U.S. Attorney's office in Manhattan. The evidence also showed that Moskowitz had the company issue back-dated warrants to pay the publisher of The International Investor, a market newsletter, to promote Ferrofluidics shares, the U.S. Attorney said. Moskowitz faces a maximum of 15 years in prison when he is sentenced before Judge Michael Mukasey Feb 26.