Mr. Pink's Picks: selected event-driven value investments Message Board

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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments

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To: Mr. Pink who wrote (17930)	10/24/2003 5:17:57 PM
From: StockDung	Read Replies (1) of 18998

Scottsdale woman faces fraud charges Emily Bittner The Arizona Republic Oct. 24, 2003 12:00 AM SCOTTSDALE - A Scottsdale woman was arrested Thursday on charges of fraud and money laundering in the purchase of a $700,000 house for herself with an investor's money. Jeanette B. Wilcher, 58, ran the Life Foundation Trust as a charitable provider for the poor, according to the U.S. Attorney's Office. Wilcher is accused of telling an elderly widow that for a $3.3 million investment in the trust, the widow would earn a high yield. Wilcher instead used $2.2 million of the investment for herself, including buying the house in the 10700 block of East Laurel Lane in Scottsdale, the U.S. Attorney's Office said. Authorities said Wilcher artificially inflated the stock price of Internet search engine Hitsgalore.com by touting the trust's purchase of stock in the company in a series of press releases. The notices were misleading, according to the U.S. Attorney's Office. Wilcher earned more than $1 million from selling the trust's stock, federal authorities said. azcentral.com

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