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Non-Tech : LVEN:NASDAQ--Las Vegas Entertainment Inc.

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To: Janice Shell who wrote (148)	1/11/2000 1:58:00 AM
From: EL KABONG!!!	of 228

More news from KVBC Las Vegas... msnbc.com Company once tied to El Rancho raided Darcy Spears LAS VEGAS, Jan.10– The mystery surrounding the defunct El Rancho Hotel and Casino deepens as it spreads to a neighboring state. Our News 3 Investigators broke the story behind the El Rancho last month. Now, Investigator Darcy Spears has a follow-up report on more of the property's shady past. A PLAIN LOOKING BUILDING in Scottsdale, Arizona has attracted attention from the FBI. Acting on a sealed search warrant, the feds raided U.S. Guarantee, a company once tied to the El Rancho. Those ties come down to a claim of promised dollars never delivered. Doctor fred cruz, a Las Vegas podiatrist, once pledged $190 million to Las Vegas Entertainment Network or LVEN. The network used to own the El Rancho and the company is still tied to the property. The government thinks LVEN is also behind a stock scheme to artificially inflate their company's stock value. The money behind that scheme came from Cruz's purported millions, allegedly coming from U.S. Guarantee. U.S. Guarantee's operation in Nevada may be shady as well. A document on file with the Nevada Secretary of State's Office for U.S. Guarantee is not even accurate. It says U.S. Guarantee's legal representation in Nevada is an attorney out of a law office near U.S. 95 and Jones Boulevard. But News 3 learned that attorney no longer practices in that office or even in Nevada. The doctor claims he hasn't heard from U.S. Guarantee in more than three years. The last time News 3 heard from U.S. Guarantee was when a local couple claiming to be financed by U.S. Guarantee made a failed bid to buy the Minnesota Vikings. What was the Arizona FBI looking for and what did agents find? They won't say anything except to confirm that no one's been arrested yet. The Las Vegas FBI office hasn't taken any action locally and our calls to U.S. Guarantee were not returned. KJC

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