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Microcap & Penny Stocks : NVID International

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To: Eric Savage who wrote (2232)	8/7/1997 9:56:00 AM
From: Eric Savage	of 3244

For your reading pleasure: Here's more (to anyone listening anymore): Matthew E. Klenovic, 52, of Sarasota has agreed to plead guilty to six counts of federal violations including conspiracy to commit mail and wire fraud, securities fraud interstate transportation of property taken by fraud and making materially false statements to the Securities and Exchange Commission. In a release from the US Attorney's office in Tampa, Klenovic is named as one of the principals and owners of NVID International Inc., which defrauded hundreds of investors of more than $3.2 million by soliciting their investments, obtaining the ability to control their money and converting a "substantial portion of the monies" for their own use. NVID markets water purification equipment and disinfectants. The prosecutor said the company's products were not ready to be marketed. They were only "in the conceptual stage". The prosecutor said Klenovic and others looted NVID of more than 80 percent of the investor funds. This money went to "extravagant residences, certificates of deposit and expensive lifestyles." Klenovic faces prison terms totaling 20 years and fines totaling $510,000.

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