Court denies Selinger's appeal

Saturday, September 30, 2006

NEW YORK - A U.S. court of appeals on Aug. 31 upheld the securities fraud conviction of Graham-Field's CEO Irwin Selinger. Selinger was sentenced in 2004 to serve 18 months in prison for that crime. Selinger, 66, was found guilty of charges that, as CEO in 1997, he fraudulently inflated Graham-Field's profits in order to improve the company's financial health in a stock-swap deal for Fuqua Enterprises, the parent company of Lumex. Selinger stepped down as CEO last month. Senior Vice President of Administration Beatrice Scherer will replace Selinger.