Friday, June 16, 2006

Michael Pickens In a Downward Spiral

Michael Pickens, the 51-year old son of famed one-time corporate raider T. Boone Pickens, has seen his life go from bad to worse with his arrest earlier this week on burglary charges in Connecticut.  Pickens was indicted in New York in July 2005 on securities fraud charges and sued by the SEC related to a stock scam involving "misdirected" faxes touting three companies while Pickens sold out his shares (see earlier post here).  Pickens is out on bond, and he was arrested on the burglary charge on June 11 after being found hiding in a fly fishing shop under a table with a number of items removed from the shelves hidden nearby.  According to an AP story (here), Pickens was groggy, which probably indicates that there may be more to the story than a second-rate burglary, but it will likely lead to a bond revocation hearing in New York. (ph)


UPDATE: Thanks to Yolanda Holtzee for posting a link in the comments, which is also available here, to a story in the Waterbury [CT] Republican-American about the federal court ordering Pickens to a drug rehabilitation program.  The $500,000 bond was not increased, but I suspect the leash will be pulled a bit tighter after he completes the program. (ph)

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As per usual, you're on the money. Here's a link to a follow-up story on Mr. Pickens: written by Ms. Ruthman in Torrington, CT.

Posted by: SEC/NASD Enforcement SuperBull | Jun 17, 2006 5:29:53 AM

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