Tag Archives: Michael Scripps

Scripps heir gets 9 years for swindling mom, uncle

A media company heir raised in what he called a wealthy but dysfunctional family was sentenced to nine years in prison for stealing millions of dollars from his mother and disabled uncle.

A defense lawyer argued Monday that Michael Scripps has built a productive life after becoming estranged from the family in 2006.

But a federal judge says the theft caused the estrangement.

Scripps was convicted of fraud at an April trial.

Prosecutors say he persuaded his mother to let his college friend in suburban Philadelphia manage $9 million of her and her brother’s money.

Scripps then stole $3.6 million, with about $300,000 going to the friend, Richard “Duke” Gleeson. He faces sentencing later Monday.

Michael Scripps is a descendant of James E. Scripps, the founder of The Detroit News.

…read more

Source: FULL ARTICLE at Fox US News

Statement From Scripps Networks Interactive Inc.

By Business Wirevia The Motley Fool

Filed under:

Statement From Scripps Networks Interactive Inc.

KNOXVILLE, Tenn.–(BUSINESS WIRE)– The Michael Scripps involved in a federal court trial in Philadelphia this week is not a member of the Scripps family that controls Scripps Networks Interactive Inc. (NYS: SNI) and The E.W. Scripps Company (NYS: SSP) . News reports linking Michael Scripps to the two companies and the branch of the Scripps family that controls the two companies are inaccurate.

Scripps Networks Interactive Inc.
Mark Kroeger, 513-236-3109
mark.kroeger@scrippsnetworks.com

KEYWORDS:   United States  North America  Tennessee

INDUSTRY KEYWORDS:

The article Statement From Scripps Networks Interactive Inc. originally appeared on Fool.com.

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From: http://www.dailyfinance.com/2013/04/13/statement-from-scripps-networks-interactive-inc/

Scripps heir guilty in $3.6M swindle of mom, uncle

An heir to the Scripps media fortune was convicted Friday of stealing $3.6 million from his mother and a disabled uncle.

Michael Scripps, 36, who lives in a Detroit suburb, spent the money on cars, jewelry and women, including a stripper and porn star, according to testimony at the two-week trial in Philadelphia. He faces more than seven years in prison at sentencing.

His mother, Melissa Scripps, told jurors that she received $11 million from the 1980s-era sale of some family holdings, while her brother, David, received more, according to The Philadelphia Inquirer (http://bit.ly/16SISij).

Her son had a six-figure trust fund, along with a $3,900 monthly stipend she provided, she said. Yet he persuaded her to steer money to his friend, a financial adviser in the Philadelphia suburbs, then proceeded to raid the accounts, she said.

“I don’t want anyone else to go through what we’ve been through as a family,” Melissa Scripps testified.

The E.W. Scripps family owns newspapers and television stations, and it is the name behind Scripps College and the Scripps Oceanography Institution.

Melissa Scripps, 62, acknowledged that she has gone through much of the fortune. She spent more than $1 million on family cruises, flew her dogs to her second home on St. Maarten, and purchased two of Princess Diana‘s dresses and a Napoleonic tiara. She said she smokes marijuana daily and has been married four times.

“Michael thought his mom was spending too much money, she was spending his inheritance,” Assistant U.S. Attorney Linwood C. Wright said Wednesday in closing arguments.

U.S. District Judge Legrome D. Davis reminded jurors that they had to decide if a crime occurred, not if people had “squandered, in a profound way, their lives.”

The 1980s sale was valued at more than $700 million. The defense maintained that Melissa Scripps received more than $100 million.

Michael Scripps did not testify, but his lawyer argued that he had his mother’s permission to use whatever funds he needed.

After the verdict, the judge denied a defense bid to have Scripps remain free on bail until his July 15 sentencing.

From: http://feeds.foxnews.com/~r/foxnews/national/~3/XKiHNV_U1RE/