Jul 20
2005

John Kareem Wannamaker, of Dallas, Texas, Patrick Price, of High Ridge, Missouri, and Nancy Harlan Saporta, of Denver, Colorado, doing business through 3KTrade.com, Inc., were indicted on July 20, 2005 in the U.S. District Court, Northern District of Texas, Cause No. 305-CR-0184K for Conspiracy to Commit Wire and Securities Fraud, Wire Fraud, Securities Fraud, Money Laundering, and Engaging in Illegal Monetary Transactions. Wannamaker, Price, and Saporta are 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 it had made loans to the Federal Reserve Bank of the US; that the return rate on investments was 100 to 150%; that the investors money would be used as collateral only and never leave the bank account; and that the funds invested were guaranteed. They are also charged with failing to disclose that the investments were not made; 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.