A federal grand jury has indicted the former president of a Lexington-based company on charges of securities and tax fraud, according to the U.S. Attorney for the Eastern District of Kentucky.
The indictment alleges that James Norman Turek, 65, of Lexington engaged in a securities fraud scheme from 2004 to 2006 in which he promoted Plasticon International Inc. stock by releasing false and misleading information about the company, which produced recycled plastic products.
Turek, who was president of Plasticon from around 1994 to 2007, is also accused of issuing Plasticon stock to himself by backdating promissory notes that claimed he had donated millions to the company. According to the indictment, the promissory notes falsely claimed that Plasticon owed him more than $5 million as result of loans he made to the company.
Turek is also accused of filing false tax returns from 2003 to 2007.
Turek is scheduled to appear in U.S. District Court in Lexington on March 25.