Boiler-Room Scammers Sentenced to 14 Years in Prison

A homeless man was listed as the gold mining company's vice president of finance and a member of its board. A South Florida stripper, who happened to be a native of Canada, was listed by the company as a consultant in charge of finding investors in her home country.

The company, Orex Gold Mines Corp. , was worthless, with no assets or revenue, but cheated investors out of millions through a pump-and-dump scheme in 1999. The man behind the company, John W. Surgent, 64, of Franklin Lakes, was convicted last year of money laundering and securities fraud.

On Friday, in federal court in Brooklyn, Judge John Gleeson sentenced Surgent to 14 years in prison for orchestrating the Orex fraud with the help of Russian and Italian mobsters and "boiler-room" swindlers who promised investors fantastic returns.

May 13, 2006
Posted By Skip Davis
Staff Editor, CasinoGamblingWeb.com    Previous Page | Internet Gambling | Top Online Casinos | Submit News!