LEXINGTON, Ky. (AP) - The U.S. Attorney's Office says a jury has convicted the former president of a Lexington company of securities and tax fraud.
A statement from U.S. Attorney Kerry B. Harvey says 66-year-old James Norman Turek was convicted Friday of defrauding investors out of more than $18 million.
Prosecutors say Turek committed the crimes while at Plasticon International, Inc., a penny stock company that made recycled plastic products. They said he convinced more than 8,000 investors to purchase Plasticon stock by telling them it was profitable when he knew the company was losing millions.
He was also convicted of filing fax tax returns. Prosecutors said he didn't report $12 million he stole from the company.
Sentencing was set for Sept. 27.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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