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Microcap & Penny Stocks : LifeOne, Inc. (LONE)
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To: R. Thomas who wrote (379)4/21/1999 1:57:00 PM
From: walleye  Read Replies (2) of 1834
 
Just some information regarding RICO lawsuits

LONE got me interested in learning about legal business issues so I bought a book, searched the internet and found this.

Under RICO it is a federal crime to:
1. use income obtained from racketeering activity to purchase any interest in an enterprise
2. acquire or maintain an interest in an enterprise through racketeering activity
3. conduct or participate in the affairs of an enterprise through racketeering activity
4. conspire to do any of the preceding activities

Perhaps the most controversial aspect of RICO is that individuals are allowed to recover 3 times their actual damages plus attorney's fees for business injuries caused by a violation of the statute.

One of the requirements of RICO is that there be more than 1 offence-there must be a pattern of racketeering activity. Part of this requirement is that the activity occur over a "substantial"period of time.

CRIMINAL RICO VIOLATIONS
Securities fraud also may constitute criminal RICO violations, and RICO has become an effective tool in attacking these white-collar crimes in recent years. Under the criminal provisions of RICO, any individual found guilty of a violation is subject to a fine of up to $25,000 per violation, imprisionment for up to 20 years, or both.

I'm not smart enough to figure exactly where LONE's situation would fit into all of this but it does seem that we can see lots of similarities between the LONE case and the excerpts for the book. By the way, the book is West's Legal Environment of Business third edition, 1998 written by Frank B. Cross & Roger Miller.

Any thoughts?

WALLEYE
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