Former Media Buying Agency Execs Convicted Of Fraud
June 21, 2006 at 6:18 AM (PT)
Two former executives of radio and TV ad buyer FOCUS MEDIA have been convicted on charges they ripped off clients out of $35 million.
Former Chairman/CEO THOMAS RUBIN and CFO THOMAS SULLIVAN were found guilty TUESDAY by a federal jury on 25 and 27 counts, respectively, of mail fraud, conspiracy, money laundering, wire fraud, and bankruptcy fraud; they were accused of charging clients over $45 million but only paying $10 million for ads and pocketing the rest. Attorney GEOFFREY MOUSSEAU, appointed by a bankruptcy court to preserve leftover assets, was found guilty of conspiracy in helping RUBIN and SULLIVAN.
Sentencing for all three men is scheduled for OCTOBER.