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.
