NEW YORK (AP) — A former Wall Street investment manager with a knack for self-promotion is battling federal charges he was central to a securities fraud scheme.
Ross Mandell has sought to turn the notoriety to his favor by featuring it on his personal website and other outlets touting him as Wall Street's "bad boy." He's pleaded not guilty to securities fraud charges.
In opening arguments at his trial in Manhattan, prosecutors said Mandell's brokerage devised a $140 million scheme to cheat investors caught up in the dot-com craze of the late 1990s and early 2000s.
Jurors were told Wednesday that Mandell and others used investors' funds on personal spending sprees. The defense says he "got in over his head."
Mandell is free on $5 million bond.