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Non-Tech : International Heritage (IHIN) -- Ignore unavailable to you. Want to Upgrade?

To: Arcane Lore who wrote (415)	5/7/1998 1:35:00 PM
From: Gutterball	Read Replies (1) \| Respond to of 454

International Heritage Says Montana Dropped Pyramid-Scheme Charges RALEIGH, N.C. -(Dow Jones)- International Heritage Inc. said Wednesday the Montana State Auditor and Commissioner of Securities dropped a $250,000 fine and two cease-and-desist orders against the company, which the state alleged was operating an illegal pyramid scheme. International Heritage (IHIN), which sells jewelry, collectibles, nutritional and skin-care products and other goods, said it agreed to reimburse the state for $21,000 in investigative costs and to refund a limited number of Montana sales representatives and customers who may be dissatisfied. The company said since June 1995, it has voluntarily accepted 421 returns from Montana sales representatives and denied five. The company has an additional 45 refund requests. Copyright (c) 1998 Dow Jones & Company, Inc. All Rights Reserved.

To: Arcane Lore who wrote (415)	8/27/1999 4:54:00 PM
From: Arcane Lore	Read Replies (1) \| Respond to of 454

From today's SEC Digest: FINAL JUDGMENT ENTERED AGAINST CLAUDE SAVAGE The Commission announced that on August 24 a final judgment of permanent injunction was entered against Claude W. Savage (Savage), of Charlotte N.C., enjoining him from committing future violations of the registration and antifraud provision of the federal securities laws. The final judgment also requires Savage to pay disgorgement of $50,000 but waives payment of additional disgorgement and does not impose civil penalties based on Savage's demonstrated financial inability to pay. Savage consented to the judgment without admitting or denying the allegations of the complaint. The Commission's complaint, filed on March 16, 1998, alleges that, beginning in April 1995, International Heritage, Inc. (IHI), a North Carolina corporation; through Savage and others, solicited individuals throughout the United States to invest in a pyramid scheme. IHI raised more than $150 million from over 155,000 investors. The complaint alleges that interests in the program, which are described by IHI as business centers, are securities. In addition to selling interests in the pyramid scheme, between July 17, 1997 and November 1, 1997, the defendants sold $5 million in notes convertible into shares of IHI common stock. The defendants knowingly misrepresented IHI's financial condition to investors and concealed the fact that IHI was operating a pyramid scheme. Savage was a founder and director of IHI. [SEC v. International Heritage, Inc., Stanley H. Van Etten, Claude W. Savage, Larry G. Smith and International Heritage Incorporated, a Nevada corporation, Civil Action File No. 1:98-CV-0803-TLS, N.D. Ga.] (LR-16264) sec.gov