Brian Russell Stearns

On February 22, 2001, Judge John Dietz of the 53rd District Court, Travis County, Texas, issued orders of receivership over the assets of Brian Russell Stearns and Trans-Global Asset Management, Inc. in connection with cause number GV 100254, State Of Texas v. Brian Russell Stearns, et al. Earlier this year, Mr. Stearns was convicted of 80 counts of fraud related conduct in United States District Court-Austin Division. The receivership action was brought by the Texas Attorney General pursuant to the provisions of the Texas Securities Act at the request of the Texas Securities Board. The purpose of the receivership is to locate and obtain assets for equitable distribution to defrauded investors.