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Business executive convicted of bilking investors out of $2M
SYRACUSE, N.Y. (AP) - A central New York business executive has been convicted of bilking more than a dozen investors out of $2 million.
A federal jury in Syracuse on Monday found 71-year-old James Griffin guilty of mail fraud, wire fraud and money laundering.
Prosecutors say Griffin marketed and sold a product through 54 Freedom Cos., which guaranteed a monthly return to investors who said the monthly checks would disappear. Griffin is the chairman and CEO of the Cazenovia-based business.
The product was sold as a charitable gift annuity, which was marketed as being backed by a highly-rated insurance carrier.
Read more: http://www.wcax.com/story/32476261/business-executive-convicted-of-bilking-investors-out-of-2m