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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]> ]