Monday, October 30, 2006

Michael Pickens Pleads Guilty to Securities Fraud Charges

Michael Pickens, the son of famed corporate raider T. Boone Pickens, entered a guilty plea to three counts of securities fraud.  The government brought the charges in July 2005 (see earlier post here) related to a scheme to send out hundreds of thousands of faxes containing purported inside information about small companies, and the faxes were made to appear to be misdirected to the wrong number.  Gullible recipients who thought they'd stumbled on the next big investment opportunity bought the shares that allowed Pickens and his cohorts dump their stock in the companies at inflated prices.  Pickens was also involved in a bizarre case in Connecticut in June 2006 when he was charged with burglarizing a fly fishing store (see earlier post here).  In the securities case, he is looking at a sentence around five years.  An AP story (here) discusses the guilty plea. (ph)

Fraud, Prosecutions, Securities | Permalink

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