Manufacturing Industry
Failure of Consource nets lawsuit.(Consource Plastic Recycling Corp.)(Brief Article)(Statistical Data Included)
Plastics News, September, 2001 by Doba, Jinida
A defunct Tampa, Fla., financial service firm has been charged with bilking investors out of $1.7 million, which it allegedly used to make loans to a plastics recycling company. A lawsuit filed Sept. 4 by the Securities and Exchange Commission in U.S. District Court in Tampa accuses 56-year-old Charles F.
Morgan, president of Tampa-based Morgan Financial Services Inc., with misusing investments provided to him or his firm over nearly a 10-year period. The complaint alleges that the funds from the 17 investors - described as mostly retirees - were routed to now-bankrupt Tampa-based Consource Plastic Recycling Corp. Morgan's lawyer denies that his client cheated investors and said Morgan also was a victim of Consource's failure. Miriam Lefkowitz, senior...
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