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Technology Stocks : EARTHLINK (ELNK)

ELNK 5.630

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Mar 8 4:00 PM EST

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To: Oeconomicus who wrote (2447)	6/29/2001 3:55:59 PM
From: long-gone	Read Replies (2) of 2553

Thursday June 28 11:11 PM ET EarthLink Co-Founder Probe Widens SANTA BARBARA, Calif. (AP) - The FBI (news - web sites) has searched the home of a business partner and neighbor of Reed E. Slatkin, the bankrupt financial adviser who is accused of defrauding investors of at least $230 million. Agents spent at least eight hours Monday at the home of Ronald L. Rakow, FBI spokesman Matthew McLaughlin said Wednesday. The agents sought business and financial records for at least 10 corporations and partnerships that Rakow operated with Slatkin, according to a search warrant attachment cited by the Santa Barbara News-Press. The companies allegedly used money that Slatkin had raised ``for the purported purpose of investing money for others since 1986,'' according to the attachment. Slatkin, co-founder of Internet service provider EarthLink Inc., was accused by federal regulators of mismanaging $230 million that he invested for Hollywood celebrities and others while acting as an unregistered investment adviser. Slatkin, who resigned from EarthLink's board on April 26, filed for Chapter 11 bankruptcy protection on May 1. Attorneys for the investors have said he may have as many as 850 creditors and claims could reach $600 million. The 52-year-old Santa Barbara resident has signed a consent decree in which he did not admit wrongdoing but agreed not to violate federal securities laws in the future. He remains under criminal investigation, although no charges have been filed. dailynews.yahoo.com

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