View Full Version : Lawyer sentenced to prison

11-03-2004, 10:19 AM
Finally! White collar crime is, well, sort of being punished.

Lawyer sentenced to prison fraud in Busybox IPO

NEW YORK, Nov 1 (Reuters) - A federal judge sentenced a Washington D.C. lawyer to 57 months in prison for securities fraud related to the initial public offering of defunct Internet company Inc, federal prosecutors said on Monday.

Thomas Prousalis Jr., who pleaded guilty in June, was also ordered to pay $12.8 million to victims of the fraud. U.S. District Judge Denise Cote imposed the sentence last week, prosecutors said in a statement.

The U.S. Attorney's Office for the Southern District of New York, which brought the case, charged that Prousalis had filed false registration documents while acting as an attorney for the company in preparation for the IPO,

Among those, prosecutors said, was a statement that said legal fees would only be $375,000, when Prousalis actually received stock worth about $1.2 million.

Prousalis, 55, is scheduled to surrender on Jan. 7, 2005.

11/01/04 16:45 ET

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