WSBR-A Host Guilty Of Securities Fraud
December 21, 2007 at 1:39 PM (PT)
BEASLEY Talk WSBR-A (MONEY/TALK RADIO)/BOCA RATON business news host KEN BROWN, his wife, three companies they control and a day trader were found guilty of defrauding investors of $9 million over the course of four years, reports the SOUTH FLORIDA BUSINESS JOURNAL
BROWN and the others ran a "cherry-picking scheme that made them more than $4 million and passed more than $9 million of losses onto investors between 2002 and 2006." A judge ordered them to repay $4.5 million, and additional penalties of $4.5 million against the three firms; $250,000 each against KEN BROWN and day trader MICHAEL CIMULLUCA; and $100 against WENDY BROWN were assessed.