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SAN FRANCISCO—Lambros D. Ballas pleaded guilty in federal court in San Francisco yesterday to one count of securities fraud, United States Attorney Joseph P. Russoniello announced.
In pleading guilty, Ballas, 34, of Long Island, N.Y., admitted that over a three-day period from Sept. 29, 2009, to Oct. 2, 2009, he fraudulently issued press releases concerning three companies: Discovery Labs; IMAX; and Local.com. Ballas admitted that he issued the press releases with the intent to defraud; specifically, to temporarily and artificially inflate these companies' stock. At the time, Ballas was a licensed securities broker who had worked in the industry for several years.
