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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony,
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To: Anthony@Pacific who started this subject2/20/2001 6:12:09 PM
From: StockDung  Read Replies (1) of 122087
 
Colorado Grand Jury Indicts 14 for Alleged $47 Mln Stock Fraud


Denver, Feb. 20 (Bloomberg) -- Colorado's statewide grand jury indicted 14 people for allegedly persuading about 4,000 people to invest $47 million in a fraudulent children's television network, the state attorney general said.

The defendants claimed the new children's station, first known as the Children's Cable Network and later Kidztime, would air non-violent educational programs. The operation lasted from September, 1995, until June 1998.

The defendants -- officers of Kidztime and closely held Capital Funding and Financial Group -- told investors the network was generating income.

``In fact the networks and affiliates never constituted viable businesses,'' according to a statement by Colorado's attorney general's office.

The Securities and Exchange Commission and Internal Revenue Service also took part in the investigation. The 14 defendants face 84 felony charges ranging from racketeering to transacting business as a broker-dealer.

Kidztime had offices in Denver; Lakewood, Colorado; and Columbus, Ohio.

Feb/20/2001 17:54 ET

For more stories from Bloomberg News, click here.

(C) Copyright 2001 Bloomberg L.P.
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