Mar 22
2006

Bruce Frank Ruark of Austin, Texas, was indicted on March 22, 2006, in the 26th Judicial District Court in Williamson County, Texas, Cause No. 06-650-K277. Ruark was charged with theft in the aggregate amount of $200,000 or more, stemming from ten sales of the Mobile Billboards program. On November 7, 2005, Ruark was charged with acting as an unregistered sales agent in the sale of the unregistered securities issued by Mobile Billboards of America, Inc. The program 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 equivalent to a 13.49% annual return. The Mobile Billboards scheme raised approximately was a $60 million from the public nationwide.