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GlobeSt.com UPDATE: Zylka Pleads Guilty to Securities Fraud

ORLANDO-Bill Cuthill Jr., the court-appointed trustee for 2,000 fleeced Evergreen Security Ltd. investors in a 10-year-old scam, is going after an estimated $8 million worth of the New Jersey entrepreneur's stock assets in a startup Canadian mining company.

By Alex Finkelstein | Updated on May 02, 2002

ORLANDO-William J. Zylka, the 66-year-old, New Vernon, NJ entrepreneur who purchased Orlando-based Evergreen Security Ltd. two years ago and allegedly fleeced 2,000 investors out of a total $214 million in unregistered mortgage-backed securities, has pleaded guilty to five felony fraud and grand larceny charges.

Evergreen is out of business. The fraud scheme is the largest in Florida history, court documents show.

Zylka will be sentenced July 16 in Manhattan’s New York State Supreme Court. He faces prison time of six years to 18 years. Lawyers following the two-year-old case tell GlobeSt.com on condition of anonymity they are betting Zylka will get 10 years with probation.

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