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Ex-NY bank director gets prison in $60M stock scam

Former NY bank director gets up to 4 years in prison for $60M stock fraud scheme By The Associated Press

NEW YORK (AP) ' A former bank director who pleaded guilty to grand larceny in a $60 million stock fraud scam has been sentenced in New York.

A Manhattan judge says John Mazzuto will serve between 1 years and 4 years in prison.

Mazzuto was accused of illegally giving stocks to friends and relatives, lying to investors and pumping up stock prices as CEO of Industrial Enterprises of America Inc.

He pleaded guilty last year to grand larceny and scheming to defraud.

Two drunken driving cases stemming from an arrest in Florida are still open.

The company filed for bankruptcy in 2009. It remains in business.

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