Harry Shuster Convicted of Securities Fraud
Harry Shuster, a Beverly Hills entrepreneur whose offbeat ventures included animal safaris and cigar clubs, has been convicted of securities fraud and other charges, federal prosecutors said. Shuster, 66, faces up to 75 years in prison when he is sentenced Nov. 16, the U.S. attorney’s office in New York said.
Prosecutors said Shuster received more than $5 million in illicit profit by participating in a series of schemes to manipulate the prices of at least 18 stock issues underwritten by now-defunct brokerage firm Stratton Oakmont and other investment dealers.
The government said Shuster laundered the proceeds through Switzerland and numerous investments in the United States, in real estate and the film industry.
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