Executives: Exit for Wolfson

Louis Wolfson, who a decade ago controlled a $400 million industrial empire, accepted a painful verdict last week. Although a last-gasp technical appeal from a denial of a motion for a new trial is still pending in the case, the 57-year-old Miami Beach multimillionaire reported to Eglin Air Force Base near Pensacola, Fla., to begin serving a one-year prison sentence for illegally selling unregistered stock.

The son of an immigrant junk dealer, St. Louis-born Wolfson rose to prominence during the '50s by expanding Merritt-Chapman & Scott, a heavy-construction company, into shipbuilding, paint making and chemicals as an early conglomerate. His unsuccessful...

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