Oct 26
2006

John Kareem Wannamaker of Dallas, Texas, pled guilty on October 26, 2006, in United States District Court, Northern District, Dallas Division, Cause No. 305-CR-0184K, to one count of conspiracy to commit wire fraud and securities fraud, five counts of wire fraud and aiding and abetting, one count of securities fraud and aiding and abetting, five counts of money laundering, and four counts of engaging in illegal monetary transactions. Wannamaker was sentenced to 110 months incarceration. Patrick Price of High Ridge, Missouri, pled guilty on November 8, 2006, in United States District Court, Northern District, Dallas Division, Cause No. 305-CR-0184K, to one count of securities fraud and aiding and abetting. Price was sentenced to probation for a term of three years. Nancy Harlan Saporta of Denver, Colorado, pled guilty on November 8, 2006, in United States District Court, Northern District, Dallas Division, Cause No. 305-CR-0184K, to one count of conspiracy to commit wire fraud and securities fraud. Saporta was sentenced to probation for a term of four years. Wannamaker, Price, and Saporta were charged with operating a prime bank scheme to defraud investors by misrepresenting that 3KTrade.com, Inc. was a large and highly successful business investing in real estate, business acquisitions and international banking funds; that the investors' money would be used as collateral only and never leave the bank account; and that the funds invested were guaranteed. They failed to disclose that the investments were not made; that some funds were used as lulling payments to other investors; and that funds were spent for their use and not maintained as collateral or otherwise guaranteed. Restitution of $2,224,490 was ordered to be paid to 86 victims; such restitution to be paid jointly and severally by John Wannamaker, Patrick Price, and Nancy Saporta.