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Ex-Brokerage Head Convicted

May 04, 1987|Associated Press

NEWARK, N.J. — The former president of the collapsed securities brokerage Bevill, Bresler & Schulman Inc. was convicted today of tax fraud but a federal jury reached no verdict on securities fraud charges against him.

Gilbert C. Schulman, 39, was found guilty of conspiring to file false tax returns, reporting false deductions for $537,000 in phony trading losses and failing to report $117,000 in income. But the jury was unable to decide whether Schulman was involved in a securities fraud that led to the Livingston, N.J., firm's April, 1985, collapse, which authorities said cost investors more than $100 million.

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