Eventemp (along with a time machine company and several other companies) ordered to comply with California securities requirements or stop selling their investment products in California.
Wednesday June 10, 12:46 pm Eastern Time
Company Press Release
Internet Investments Ordered to Stop Selling
"New Frontier for Investment Fraud" Cited
LOS ANGELES--(BUSINESS WIRE)--June 10, 1998--Commissioner of Corporations Dale Bonner Wednesday announced that he has issued nine orders against Internet investment opportunities ranging from a floating condominium to a time machine.
''This year I have made it a top priority for the department to refocus its efforts on Internet surveillance,'' Bonner stated.
''The Internet is the new frontier for investment fraud and as it becomes more accessible, the investing public will be at greater risk from illegal and fraudulent offerings. These are the first orders we have issued since significantly upgrading our Internet surveillance capability.''
The actions announced Wednesday ordered 10 companies and 15 individuals offering investment opportunities on the Internet to comply with state securities requirements or stop offering their investment products in California. The companies offering the investments were from Arizona, Nevada, Kansas, New York, California, the United Kingdom and Zaire.
The Kansas company was offering investments and time shares in a proposed mile-long floating condominium complex complete with aircraft-landing facilities.
The British company was selling investments in a time machine that can travel forward or backward in time. The company claims that it will either develop a machine itself or be so well known that a traveler from the future will go back in time and provide the company with the technology to develop the time machine.
''Investing on the Internet is extremely risky because there is no way of knowing who you are dealing with or verifying the truth of their claims,'' Bonner said.
''The investing public should approach with a great deal of skepticism and caution all Web sites and chat rooms offering high returns at no risk. When it comes to Internet investment opportunities, or any investment opportunity offered through more traditional sources, if it sounds too good to be true, it isn't true.''
The companies receiving orders include:
-- Internet & Web Services Inc. of San Diego;
-- Cyber Ventures Ltd. of Zaire;
-- High Yield Investment Administration Program Pool of New York;
-- Eventemp Corp. [OTC BB:ETMP - news] of Scottsdale, Ariz.;
-- J.T.'s Restaurants of New York;
-- Freedom Opportunities L.L.C. of Overland Park, Kan.;
-- Time Machines Inc. of the United Kingdom;
-- Princeton Research Inc. of Las Vegas;
-- Polus Inc. of Scottsdale; and
-- Sloan Fitzgerald of New York.
The Department of Corporations is a licensing and regulatory agency reporting to the Business, Transportation and Housing Agency and to Governor Pete Wilson.
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Contact:
Department of Corporations
G. W. McDonald, 213/736-3704, 213/736-2117 (fax)
Julie Stewart, 916/323-7120, 916/322-3205 (fax)
biz.yahoo.com
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See also: nt.excite.com |
