by Karl Utermohlen | July 15, 2013 4:43 pm
Michael Scripps — son of U.S. media magnate James E. Scripps — has been sentenced to nine years in prison for stealing millions from his family.
Prosecutors said Scripps spent $3.6 million on “cars, jewelry and women, including strippers and porn stars,” according to The Associated Press.
Michael’s mother Melissa hired his college friend Richard “Duke” Gleeson to manage a $9 million piece of the Scripps family inheritance. In addition to the millions stolen by Scripps, Gleeson pocketed $300,000. He will be sentenced later Monday.
Melissa Scripps inherited the fortune built by the man who founded The Detroit News. Her inheritance was valued at $11 million, but this sum could be closer to $100 million, according to her lawyer.
Scripps had been awaiting his sentencing since he was convicted back in April for wire fraud.
Source URL: http://investorplace.com/2013/07/scripps-media-heir-heads-to-jail-for-stealing-millions/
Short URL: http://invstplc.com/1frpkX6
Copyright ©2017 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.