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Law crosses speed bumps
- To: [email protected]
- Subject: Law crosses speed bumps
- From: [email protected] (John Anonymous MacDonald)
- Date: Fri, 6 Dec 1996 14:35:57 -0800
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FTC News Release
FTC TO DISTRIBUTE NEARLY $338,000 TO VICTIMS OF HIGH-TECH FRAUD
FOLLOWING SETTLEMENT:
Funds to be Retrieved from Bahamas
In a case that will mark the first time the U.S. government has
obtained an asset freeze issued by a foreign court and returned the
frozen funds to American telemarketing fraud victims, the Federal Trade
Commission today announced that consumers victimized by a fraudulent
paging license application mill will share $337,780 out of funds that a
defendant in an FTC case allegedly diverted to a Bahamian bank. The
defendant is Robert Corey (also known as Michael Allen), who was a
hidden principal in a company called On Line Communications, Inc. that,
while headquartered in Las Vegas, Nevada, actually conducted business
out of Los Angeles. The FTC charged the firm and its principals in
January with making false claims to investors about the nature and
value of the paging licenses it could obtain for them. Corey has agreed
to disgorge a total of $362,500, of which $337,780 is for the refund
pool, as part of a settlement that will end the FTC litigation against
him. The FTC said it has been working with such agencies as the
Securities and Exchange Commission, the Commodity Futures Trading
Commission and the Justice Department to return funds hidden in
overseas banks to American fraud victims, and this case is a successful
example of that effort.
[Ed. Note: Many details were snipped in length's best interest.
If you'd like to receive a full-text copy of the 6K PR, send Email
to: [email protected] SUBJECT: FTC News Release ]
[BY: Capitol NewsWire-D.C. Bureau-Law Correspondent
<[email protected]> ]