James Margulies has been sentenced to 21 years in prison and must pay restitution
after an alleged
pump-and-dump scheme left investors broke. Margulies allegedly lured investors in with enticingly
inflated shares in Industrial Enterprises of America.
According to officials, Margulies and others worked to falsely inflate
the price of the company's shares then sold them to investors. In
classic "pump and dump" form, Margulies and his friends then
allegedly dumped their shares and left investors with nothing.
Margulies held several positions with Industrial Enterprises of America
over time, including legal counsel, finance chief, and chief executive.
He is also an attorney and operates a law firm on Chagrin Boulevard.
Margulies was convicted earlier this year on several counts related to
the alleged investment scam, including securities fraud.
If you have been the victim of Cleveland securities fraud, contact the
Ohio securities fraud attorneys with Meyer Wilson today for a free consultation with a
respected FINRA lawyer.