I don't have the court papers, but here is what I have seen. I also had some conversations with people that were following the case in October 2001. I also spoke with the Sneeds prior to the verdict. They were not happy with the relationship and the fraud that was perpetrated.
From Stockpatrol:
"Some investors have not been pleased with the extent – or accuracy – of that information. Now, a Bakersfield, California jury has reportedly delivered a multi-million judgment against Spectrum and its President Samuel J. Higgins. Three men, Audy Sneed, Dale Sneed and Terry Sneed, sued Spectrum and Higgins, alleging that they had invested $475,000 in the Company and never received money or stock for their investment. The plaintiffs’ attorney, Ralph Wegis, said the jury concluded that Spectrum and Higgins had defrauded his clients – to the tune of $3.3 million."
I highly recommend that you read through the seven stock patrol articles to get a picture of Sam Higgins and Axial. Type Higgins in the search engine and you should see the articles.
Also, I have scanned in documents from GDM and Spectrum highlighting some of the fraud, and deceptive practices that were occurring. Note none of these are the smoking gun, so I would love it if someone would order the documents from the Sneed case and email them to me. Sam also has some other legal issues in California and Oregon. Sounds like an interesting character from digging into his past.
If you want me to send you information, give me an email to send it to.
Talk with you later,
Tom Sang |
