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posted: 7/26/2011 3:08 PM

Ex-investment manager convicted in NYC

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Associated Press

NEW YORK -- A jury has convicted a former investment manager known as Wall Street's "bad boy" in a $140 million scheme.

The verdict against Ross Mandell came Tuesday. The trial featured testimony about a hard-partying lifestyle by brokers as deals were made during the dot-come boom of the late 1990s and early 2000s.

An attorney for the Brooklyn-born Mandell promised to appeal the verdict.

Prosecutors asked that Mandell and a co-defendant who was convicted with him be jailed immediately.

The judge said he'll decide at a later date whether Mandell can remain free on bail.

At trial, the government portrayed Mandell and the co-defendant as brazen con men. Prosecutors said they used the Internet tech boom excitement in their broker-dealer operation to solicit private investments in startups.