Confessing to an estimated $30 million fraud, the former CEO of Regal Communications Corp., a now-defunct TV infomercial and sex-chat-line company, pleaded guilty Friday to charges of inflating the company’s stock and then using the overvalued shares to acquire two hot companies — Joan Rivers Products Inc. and a subsidiary of Inphomation Inc., which produced “Dionne Warwick’s Psychic Friends Network.”
If the judge accepts the negotiated plea, Arthur Toll, 51, the former head of Regal Communications, will be sentenced to four years in prison and will pay restitution of about $1.2 million.
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