A federal appeals court this week ruled that a $13.2 million penalty against former Heart Tronics CEO Mitchell Stein should be reevaluated, but upheld an associated fraud conviction. Stein was convicted in May 2013 of 14 charges of fraudulently inflating share prices for heart monitoring devices maker Signalife, later known as Heart Tronics. The US Court […]
Former NFL star and Heart Tronics executive Willie Gault is being ordered to turn over his Super Bowl ring by the U.S. District Court of the Central District of California, according to court documents dated last week. Gault, who was the co-chief executive officer at Heart Tronics, was ordered to pay $206,571 in June to […]
(Reuters) – Willie Gault, the former National Football League wide receiver and Olympic sprinter, was ordered to pay $206,571 to settle a U.S. Securities and Exchange Commission lawsuit over his role in a scheme to inflate the stock price of a heart-monitoring device maker. Gault, who was co-chief executive officer of Heart Tronics Inc, was […]
(Reuters) — A California jury yesterday cleared former Chicago Bears wide receiver Willie Gault of intentionally defrauding investors in a scheme to inflate the price of stock in the heart-monitoring device company Heart Tronics.
June 9, 2014 by Brad Perriello
A California District Judge harshly refused former Signalife and Heart Tronics lawyer Mitchell Stein’s motion for a retrial, taking offense to the request itself.
Mitchell Stein, the ex-outside counsel for Signalife (later Heart Tronics), was convicted in May on 14 charges that he masterminded a 5-year fraud scheme to pump up the heart monitoring device company’s share price. Now federal prosecutors want him to cough up not only his ill-gotten gains, but the loot taken by his ex-chauffeur co-conspirator.
The scheme eventually ensnared alleged co-conspirator Willie Gault, the ex-Chicago Bears and track star who became the co-CEO of Heart Tronics in 2008.