Apr 16
2007

Bruce Frank Ruark, of Austin, Texas, pled guilty in the 277th District Court of Williamson County, Texas, to four counts of selling unregistered securities in Cause No. 05-1176-K277 and to four counts of selling securities without being registered as a dealer or agent in Cause No. 05-1175-K277. Ruark sold securities issued by Mobile Billboards of America, Inc. This investment involved the purchase of truck-mountable billboard frame equipment from Mobile Billboards of America, Inc. and the lease of that equipment to Outdoor Media Industries in exchange for monthly payments to investors equivalent to a 13.49% annual return. On April 16, 2007, Ruark was ordered to serve a ten year term of deferred adjudication community supervision. This community supervision was conditioned on Ruark serving 45 days in the county jail and paying restitution of $138,100.00.