Red Flag Warning expires at 6:00 PM on 4/20, issued at 1:38 PM Athol, KY | Beattyville, KY | Bethany, KY | Campton, KY

Former Owner Of Lexington Company Sent To Prison For Stock Fraud

Reported by: Tom Kenny
Set Text Size SmallSet Text Size MediumSet Text Size LargeSet Text Size X-Large
Share
Updated: 10/12/2012 1:13 am

The one-time president of a Lexington-based company has been sentenced to 18 years in prison for defrauding thousands of investors nationwide out of more than $18 million.


U.S. Chief District Judge Jennifer B. Coffman on Thursday sentenced 67-year-old James Norman Turek for committing securities fraud and tax fraud. A jury convicted Turek in June.


Turek headed Plasticon International, Inc., a penny stock company. Plasticon made recycled plastic products.


Prosecutors put on evidence showing that from 2004 to 2006, Turek lured about 8,500 investors into buying Plasticon stock based on claims that Plasticon was profitable when it was losing millions of dollars.


Prosecutors also said Turek filed false tax returns for the years 2003 through 2007 by failing to report approximately $12 million that he obtained from Plasticon.

Share
0 Comment(s)
Comments: Show | Hide

Here are the most recent story comments.View All

No comments yet!
Most Popular
KSP: 2 Men Shot During Turkey Hunt, 1 Pronounced Dead
State Police are looking into a shooting in Clay County, where they said three men went turkey hunting Thursday morning and two of them were shot -- one fatally.
Making The Right Decision
Coach Cal wants his players to come back only if it is right for them and their families. Video Video
Search Continues For Escaped Wolf-Dog In Jessamine County
The search continued Friday night for the last of three wolf-dog's that escaped from the Wolf Run Wildlife Refuge near Highway 27 in Jessamine County. Video Video
UPDATE: Clay Co. Sheriff Reports Fatal Shooting Not Drug-Related
Meth and other drugs have been ruled out in a fatal shooting that occurred during a turkey hunt Thursday morning, according to the Clay County Sheriff.
Kentucky Basketball Future Ready To Meet The Present
Incoming Freshmen Call And Implore Freshmen To Stick Around For Second Season At UK Video Video
Inergize Digital This site is hosted and managed by Inergize Digital.

WTVQ.com supports children's privacy rights. All persons under the age of 13 MUST have parental permission to use this website and direct parental supervision is strongly recommended.