Stockbrokers accused of stealing millions

Ten stockbrokers have been indicted on charges of stealing millions of dollars from hundreds of investors by using high-pressure tactics to sell stocks at artificially high prices.

The indictment, in Manhattan, says the brokers of LCP Capital, which is defunct, accepted millions in bribes from crooked stock promoters to pump up and manipulate stocks of 14 companies.

A spokeswoman for District Attorney Robert Morgenthau said the office was investigating a possible organised-crime connection at LCP Capital.

The defendants from the New York area were charged with enterprise corruption and first-degree grand larceny, both punishable by up to 25 years in prison upon conviction, and lesser charges including securities fraud.