"Bad Boy of Wall Street" Accused of $140 Million Investment Fraud
Ross Mandell, although he strongly denies it, has been accused of an
investment scam that took $140 million from investors. Mandell is the former CEO of Sky
Capital, and self-proclaims that he is "one of the bad boys of Wall
The charges revolve around accusations that he directed his brokers to pressure investors into buying shares of certain companies and also to buy shares without the investors' consent. Reportedly, Mandell convinced his brokers to comply through incentives, such as visits to prostitutes and trips to strip clubs. Mandell then used some of the investors' cash to fund his own lavish lifestyle.
Mandell has denied these accusations through his website, videos posted to the popular video site YouTube, and other media outlets. He is also actively promoting a reality television show based on his predicament. In the pitch for the show, Mandell describes his plans for a "perfect life;" however, he says "I've just got one small problem. I've been indicted by the US government for conspiracy and securities fraud."
Mandell's attorney attempted to have the information regarding the adult entertainment incentives thrown out, believing it could bias the jury. Judge Paul Crotty denied the attempt, saying whether it was prostitution or otherwise, "whatever it is, I'm going to allow."
At the law firm of David P. Meyer & Associates, we are experienced FINRA lawyers who represent victims of investment fraud nationwide in mediation, arbitration, and litigation claims. Contact us today to schedule a FREE consultation.